PM: New energy taxes good for TT

Speaking with journalists at the Hilton Trinidad after the signing of a memorandum of understanding (MOU) between Alutrint Ltd and the China National Machinery and Equipment Import Ltd (Cemec) to establish an aluminium complex in TT, the Prime Minister said it had been Government’s policy since 1992 "to maximise the use of our natural gas in all of its manifestations" for the benefit of the national community. In this regard, Manning expressed confidence that the newly-established oil and natural gas tax regimes would stimulate growth in the energy sector and the economy.

"The adjustments to the tax regime that have just been made will lead to a stimulation of exploration activity in the country for both oil and gas," he said.

Manning also indicated that plans to establish a fifth LNG train at Atlantic LNG’s (ALNG) Point Fortin plant are still very much on the cards.

Noting that he told last weekend’s PNM annual convention in Chaguaramas that Government will move ahead with plans for ALNG Trains Five and Six, Manning said Train Six will involve "minimal gas from TT" and the lion’s share from neighbouring Venezuela.

Manning said TT-Venezuelan talks for the cross-border utilisation of their respective natural gas reserves are ongoing, and he may meet with Venezuelan president Hugo Chavez at a later date to continue discussions on the matter. Plans for ALNG’s Train X, Manning said, may be dealt with in 2008. He explained that the number of LNG Trains established in TT depends on the nation’s natural gas reserves position.

"As we do more exploration and see what the reserves position looks like, we will take further decisions as to how much LNG (Trains) we should have," Manning said.