Prime Minister Stuart Young emphasized the ongoing efforts to finalize the Dragon gas project with Venezuela, addressing challenges posed by U.S. policy changes. He mentioned the importance of continued collaboration for regional energy security and announced a forthcoming meeting to discuss foreign exchange allocations.
Prime Minister Stuart Young announced ongoing efforts to finalize cross-border energy deals with Venezuela during a post-Cabinet news conference held on March 20. He emphasized the commitment to address these energy initiatives, recalling a previous briefing on this topic that occurred on February 27.
Young stated, “We will continue working. I will personally continue working, Fighting is the language I used for Trinidad and Tobago. That has continued.” He further indicated that he would soon provide additional information regarding these developments, though preferring to withhold details until they are more certain.
Adding to the discourse, U.S. Secretary of State Marco Rubio recently suggested a termination of all Biden-era oil and gas licenses that have inadvertently supported the Venezuelan regime. This announcement follows President Trump’s revocation of a November 2022 license that allowed Chevron to partner with Venezuela’s state-controlled oil company, PDVSA.
The U.S. government previously imposed sanctions on Venezuela, complicating the $1 billion Dragon gas deal that was initially signed in August 2018. Despite these challenges, there remains hope as the Venezuelan government issued a license on December 21, 2023, for the National Gas Company (NGC) and Shell to proceed with the Dragon gas field’s development and exportation to Trinidad and Tobago.
Young sought to bolster the ongoing collaboration regarding the Dragon project amid concerns raised about its viability after Trump’s election. Following communications with the Trump administration by the former Prime Minister Dr. Keith Rowley, it was noted that cooperation between Trinidad and Tobago and the U.S. is vital for regional energy security.
On March 20, Young also addressed foreign exchange issues, disclosing plans to convene a meeting with the Central Bank and various banking associations to discuss forex allocation. He highlighted the necessity for transparency in the discussions, stating, “The fact is we have less forex than we used to. That is a fact of life.”
In summary, Prime Minister Stuart Young is actively pursuing the realization of the Dragon gas deal with Venezuela while addressing challenges posed by U.S. foreign policy. The cooperation between Trinidad and Tobago and the U.S. remains essential for energy security in the region. Moreover, Young’s intent to facilitate forex discussions reflects a broader commitment to economic stability amid these significant developments.
Original Source: newsday.co.tt
