TTFZ signs US$65 million deal with Bredero Shaw

The one-year contract was signed yesterday at the Ministry’s head office in Nicholas Towers, Independence Square, Port-of-Spain.

According to its website, Bredero Shaw is the global leader in the development and manufacture of pipe coating solutions for the oil, gas, and water industries.

Headquartered in Houston, Texas, Bredero Shaw is a division of Canadian-based ShawCor Limited, itself an energy services company focused on technology-based products for the energy industry.

Now that the paperwork has been signed, the onus is on Bredero Shaw to fence off its free zone area, with a single entry/exit point where Customs agents would be able to inspect all materials entering and leaving the free zone area.

Bredero Shaw’s Project Manager, Noel Corcoran, said at present the work required to establish the pipe-coating facility would provide jobs for 80 to 90 locals.

That number is expected to jump to more than 150 direct employees when it is in full operation, with indirect employment projected to take that number to more than 180 locals.

Cadiz revealed this was the first of several such multi-million dollar signing ceremonies deal the Ministry expected to sign over the next two to three weeks, which would bring in much-needed Foreign Direct Investment (FDI).

“Today is a red-letter day for us. (We’re) constantly being asked...where are the new investments coming from? (Bredero Shaw) is the first large project we would have signed in our 23-months in being in office (but) in the coming weeks, we’re going to sign off on three deals worth roughly US $200 million - $300 million,” Cadiz declared.

The minister gave brief outlines of each project: 1) Establishment of a Tier Three (3) data centre at the eTeck Park in Tamana; the first of its kind in TT. This would cater to the massive data processing and storage needs of big companies such as banks, energy companies and even Governments; 2) A water-proofing manufacturing project, run by a Chinese firm using bitumen from the Lake Asphalt Company of TT; and 3) An offshore transfer facility, to be located in the Gulf of Paria. Iron ore mined in South America would be transferred on shallow boats to the facility and then reloaded onto big ships for trans-ocean voyages to destinations such as China, India and Japan.

Pressed for details on the projects, Cadiz said he could only provide basic information at this point in time because contracts have yet to be signed. Speaking to Newsday after the signing ceremony, Cadiz said the value of the projects in question was actually closer to US $200 million.