Prime Minister Stuart Young is dedicated to finalizing energy deals with Venezuela, specifically the Dragon gas project, amid U.S. policy changes. Young also addresses foreign exchange issues, seeking transparency and collaboration with financial institutions to stabilize Trinidad and Tobago’s economy.
In an ongoing effort to finalize cross-border energy agreements with Venezuela, Prime Minister Stuart Young has reaffirmed his commitment to continue these initiatives. During a post-Cabinet news conference on March 20, he referenced a previous briefing held on February 27 and expressed optimism for future developments in the Dragon gas project.
“We will continue working. I will personally continue working. Fighting is the language I used for Trinidad and Tobago. That has continued” said Young. He indicated that he would soon have more information regarding the energy lines and expressed that it would be premature to disclose further details at this time. His remarks reflected the fluid situation surrounding the Dragon project, suggesting it would be addressed in the near future.
Recent U.S. policy changes have put the fate of the Dragon gas deal at risk. U.S. Secretary of State Marco Rubio announced an initiative to terminate oil and gas licenses granted under the Biden administration aimed at curtailing support for President Maduro’s regime. This follows President Trump’s cancellation of Chevron’s licensing agreement for operations with Venezuela’s PDVSA. The U.S. has also enhanced its bounty on Maduro, further complicating the situation.
Previously, one of the licenses under the Biden administration facilitated development of the Dragon gas field by the National Gas Company of Trinidad and Tobago (NGC) and Shell, authorized on December 21, 2023. However, concerns regarding the viability of the project arose after the election of Donald Trump, who imposed sanctions on Venezuela in 2019.
Former Prime Minister Dr. Keith Rowley communicated with Trump, emphasizing the long-standing cooperation between Trinidad and Tobago (TT) and the United States, and underscoring the significance of the Dragon project for regional energy security. On February 25, reports indicated that the TT government planned further discussions with the U.S. concerning the extension of the Dragon project license. At the February 11 Energy Conference in Port of Spain, Rowley highlighted the project’s importance to both TT and the region.
On March 16, Rowley resigned as Prime Minister, with Young taking over the position on March 17. In addition to energy issues, Young plans to tackle foreign exchange concerns. He announced an upcoming meeting at Whitehall on March 25 with representatives from the Central Bank, the Bankers Association, and bank CEOs to discuss foreign exchange allocations. Young noted the diminishing availability of foreign exchange, stating, “The fact is we have less forex than we used to. That is a fact of life.”
The forthcoming discussion aims to address how available foreign exchange can be distributed among the population and enhance transparency regarding outcomes.
In conclusion, Prime Minister Stuart Young is actively pursuing cross-border energy agreements with Venezuela, particularly focusing on the Dragon gas project, despite recent U.S. policy shifts that could jeopardize its viability. With an emphasis on transparency, Young also seeks to address foreign exchange concerns, reflecting a broader commitment to the economic stability of Trinidad and Tobago and regional energy security.
Original Source: newsday.co.tt
