Minister in the Office of the Prime Minister Stuart Young has announced that the government has reached an agreement with BP and Shell that he says with bring “significant” financial benefits to Trinidad and Tobago.
The agreement involves new pricing arrangements, the extension of the Atlantic LNG Train 1 by a further five years, and the ability of the National Gas Company (NGC) to export liquefied natural gas (LNG) on behalf of T&T.
Minister Young said the discussions started in April 2018 when Prime Minister Dr Keith Rowley led a delegation's to the Commonwealth Heads of Government Meeting (CHOGM) in London.
While there, the team, which include Minister Young and Minister of Energy and Energy Industries, Franklin Khan, met with executives of Shell and BP. Out of that meeting, all three parties agreed to appoint empowered negotiating teams to sit and negotiate terms of contracts going forward.
The minister said that the agreements were only concluded yesterday and that more details will be revealed in time.