(US)$650M urea plant for TT
ENERGY MINISTER Eric Williams has declared that the decision to construct the western hemisphere’s largest ammonia/urea plant in Trinidad and Tobago will deliver "handsome energy sector returns" to the national community. It will also greatly assist Government to achieve developmental objectives it has outlined in the recently passed $34 billion 2005/2006 Budget. Addressing a Memorandum of Understanding (MOU) signing ceremony between the Government and Trinidad Energy Investments Ltd (TEIL) to construct the US$650 million plant at Point Lisas Industrial Estate, Williams said the plant provides further testimony to Government’s commitment to ensure that a larger slice of the energy pie remains in TT for development purposes. Reiterating Government’s continuing efforts to encourage greater private investment in downstream energy industries, Williams said the one million tonnes per annum (mpta) ammonia/1.1 mpta urea plant has an unprecedented 40 percent of local equity participation. This, he pointed out, helps maintain TT’s benchmark position as one of the world’s largest ammonia suppliers, from a single source, to the US market. Among the local investors targetted by TEIL are the Unit Trust Corporation and Guardian Life Holdings. In addition, the minister revealed that TEIL has signed an MOU with Uhde of Germany to provide process technology, engineering, procurement and construction for the new plant. Williams added that the plant’s construction will be completed by March, 2009. Speaking with journalists, TEIL chairman Gerald Hadeed said the plant’s construction will begin during the second quarter of 2006. He noted that local investors had been spoken to, and he did not believe there would be participation in the plant by other Caribbean business entities. While indicating that the Government would provide the necessary support for sustainable local energy enterprises with respect to the supply of natural gas, Williams said no arrangements had been made for the plant to receive natural gas at a reduced price because it was a greenfield site. Williams told journalists that discussions would be held between the relevant parties on this and other matters, and Government was always open to negotiations. The minister also declined to say if he would be going to Venezuela anytime soon to discuss energy matters with his counterparts in the South American republic.
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"(US)$650M urea plant for TT"