Repsol affirms its commitment to expand its investments in TT

Prime Minister Patrick Manning met with the Board of Directors of Repsol YPF at his Whitehall office yesterday. At the meeting Chairman of the Repsol Board, Alfonso Cortina, affirmed Repsol’s commitment to expanding its investments in Trinidad and Tobago.

According to Cortina, “For Repsol YPF, the development of business in Trinidad and Tobago has been a good decision and we are firmly decided to continue increasing our investment in this country.”  Cortina also confirmed that Repsol YPF was taking part in the tender offer put forward by the Government of Trinidad and Tobago in the exploration of two offshore blocks. Winning this concession would allow the company to increase Repsol YPF’s hydrocarbon production in this country beyond the current figure of over 120,000 boe per day.

The Repsol Board also confirmed its participation in the development of the University of Trinidad and Tobago. The company has already signed an agreement with the Government of Trinidad and Tobago for the development of an Energy Studies Centre, which would form part of the University. Repsol would provide postgraduate courses in energy subjects, similar to those offered at Repsol’s Instituto Superior de la Energia and would also play a critical role in research and development at the University.

In addition to collaboration in the energy sector, Repsol would also launch into a new project of “social cooperation.” The company would collaborate with the Trinidad and Tobago Red Cross to donate vehicles, including two ambulances, which would help with attending to the health requirements of persons who live in places that are otherwise inaccessible. Repsol would also assist the Red Cross by providing material and human resources to facilitate the development of its programmes throughout Trinidad and Tobago. Prime Minister Manning expressed the commitment of the Government to working with Repsol in advancing the Government’s developmental agenda. According to the Prime Minister, “We see Repsol YPF as a very important partner in the energy sector. We believe that there is a symbiotic relationship between Trinidad and Tobago and Repsol — as Trinidad and Tobago advances its developmental agenda, Repsol advances its energy exploration objectives.”

Manning also said that Trinidad and Tobago continued to be one of the most industrialised countries in the region and that one of Government’s key objectives was to further diversify and expand the industrial sector by partnering with the world’s major industrial leaders. The Repsol Board for the first time held its Board meeting in Trinidad and Tobago yesterday. Repsol is an integrated energy company, engaged in oil, gas and power activities, operating in more than 25 countries. It is one of the major oil companies in the world and the largest private energy company in Latin America. Manning’s decision to accept a sponsored trip from Repsol to travel from Madrid to London generated considerable controversy as many argued that the acceptance of the free ride could compromise the Prime Minister in his future dealings with the energy giant.