Power plant soon in Tobago

ENERGY Minister Eric Williams yesterday revealed that a power plant was coming soon to the sister isle. He made the disclosure while addressing a gathering of the South Chamber of Industry and Commerce, who hosted a luncheon seminar in which Williams spoke on the “Effects of the 2003-2004 Budget on the Energy Sector,” at Cara Suites, Claxton Bay. The minister said such plans in Tobago had to be implemented because of the “projected shortfall in electricity in the future.” Williams said the feasibility check was still being undertaken for a project that may cost in the region of US$100 million  with 40-46 mega watts capacity. Williams said an area has an already been earmarked for the construction of the plant near the State-owned Iris gas field in Tobago which he said is currently undergoing a seismic check. Referring to the eventual building of the plant he added, “It is not a matter of if, but when.” Some 8,000 - 10,000 standard cubic feet of gas would be required to sustain the plant. Minister Williams also spoke of upgrading of the Pointe-a-Pierre refinery.

Saying that while refinery produces an average of 160,000 barrels per day, 100,000 barrels are imported daily for refining. As a result he added,  “We have a significant oil import bill to keep the refinery going.” He said while  some may have criticised the increase in oil prices they must understand that the country does import oil even though we produce it. He also said there are plans for  exploration processes at the Naparima Hills which show  significant  signs of formation of source rocks with oil and gas. The Minister reminded the gathering, some of  whom are small oil dealers, of the taxation regime. This exempts the petroleum production levy on companies producing less than 3,000 barrels of oil daily. Williams assured that all was being done to develop local interests. He added, “We want to increase our share in local states that encourage foreign investment. The Ministry of Finance is now looking at ways to allow pension and credit union-type funds for mega plants.”