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Int'l Business Times
28-04-2025
- Politics
- Int'l Business Times
Violence-weary Trinidadians Vote In General Election
Voters in violence-plagued Trinidad and Tobago went to the polls on Monday in elections that will decide whether Prime Minister Stuart Young remains in power. Former energy minister Young, 50, took over as prime minister of the Caribbean nation in March when party colleague Keith Rowley stepped down after 10 years in the job to make way for new blood. Young's center-left People's National Movement (PNM) has been lagging in polls behind the centrist United National Congress (UNC) of former prime minister Kamla Persad-Bissessar, 73. Persad-Bissessar has campaigned on promises of higher public wages to offset an economic downturn. Young has accused her of peddling false hopes, saying there was "no way that a government, any government, could afford" the additional $2-billion bill he said her program would entail. "Everything was pretty smooth," Karen John told AFP after she voted in Valsayn, in northern Trinidad, the larger of the two islands that make up the archipelago off the coast of Venezuela. Voters are electing the 41 members of the House of Representatives, parliament's lower house. The party that emerges with a majority of seats will form a new government, with its leader as prime minister. If no party wins a majority, a coalition government is likely in the English-speaking nation of 1.4 million people, famous for its carnival and sandy beaches. The election is taking place against the backdrop of a severe security crisis. A total of 623 murders were recorded last year, up from 577 in 2023, many of them linked to Latin America-based criminal gangs, including Venezuela's infamous Tren de Aragua, which the United States has designated a "terrorist" group. According to a US Department of State report from March, the murder rate of 37 per 100,000 people made Trinidad and Tobago the sixth most dangerous nation in the world last year. The report noted that the country's southern border, which is around 10 miles from the Venezuelan coast, was "vulnerable to illegal migration, drug trafficking, and human trafficking and smuggling." To try and restore order, the government imposed a state of emergency between December and mid-April. The Caribbean's second-largest producer of natural gas, Trinidad and Tobago has also been battling an economic downturn blamed partly on a decline in production. It had been banking on exploitation of the Dragon gas field in nearby Venezuelan waters, but has seen its licence withdrawn by the administration of US President Donald Trump under renewed sanctions against that country. Trinidad and Tobago's Prime Minister Stuart Young is seeking to remain in power, against a backdrop of rising gang violence and an economic slump AFP
Yahoo
25-04-2025
- Politics
- Yahoo
Trinidad and Tobago votes for parliament, PM, with opposition in lead
Trinidad and Tobago votes in parliamentary elections Monday that will determine whether Prime Minister Stuart Young stays in power as the twin-island Caribbean nation battles an economic slump and a rise in gang violence. Voters will choose the 41 members of the lower House of Representatives for a five-year term. Any party that emerges with a majority of seats will form a new government with its leader as prime minister. If none does, a coalition government is likely in the nation known for attracting tourists with its carnival, nature and sandy beaches. Former energy minister Young, 50, took over as prime minister earlier this month after Keith Rowley resigned to make way for new blood. But his center-left People's National Movement (PNM) has been lagging in polls behind the centrist United National Congress (UNC) of former prime minister Kamla Persad-Bissessar, 73. "We are peaking at the right time," Persad-Bissessar -- who has campaigned on promises of higher public wages -- she said ahead of Monday's vote. Unrealistic promises, according to Young, who said "there is no way that a government, any government, could afford" the additional $2-billion bill this would entail. Trinidad and Tobago has a population of 1.4 million people, of whom just over 1.1 million are eligible to vote Monday at 2,130 polling stations countrywide. Police commissioner Junior Benjamin has warned of intelligence suggesting "that things are afoot to disrupt the electoral process," without providing details. Since December, the country was under a state of emergency that ended this month. It was declared to contend with a rise in gang-related killings. Official data shows more than 600 homicides committed in the nation last year, many of them linked to criminal gangs. According to a US Department of State report from March, the murder rate of 37 per 100,000 people made Trinidad and Tobago the sixth most dangerous nation in the world. The report said Latin American-based transnational criminal organizations operated in, and trafficked illegal goods through, Trinidad. "The country's southern border, which is approximately 10 miles from the Venezuelan coast, remained porous and vulnerable to illegal migration, drug trafficking, and human trafficking and smuggling," it said. "Venezuelan organized criminal organization and designated terrorist organization Tren de Aragua has been known to exploit this proximity for the transit of personnel and material." The Caribbean's second-largest producer of natural gas, Trinidad and Tobago has also been battling an economic downturn blamed partly on a decline in production. It had been banking on exploitation of the Dragon gas field in nearby Venezuelan waters, but has seen its licence withdrawn by the administration of US President Donald Trump under renewed sanctions against that country. pb-pgf/rr/mlr/bgs
Yahoo
10-04-2025
- Business
- Yahoo
US revokes licences for Trinidad-Venezuela offshore gas projects
The US has revoked two licences granted for the development of offshore natural gas projects between Trinidad and Tobago and Venezuela, according to Trinidad's Prime Minister Stuart Young. These licences were crucial to allow Trinidad, Latin America's largest liquefied natural gas (LNG) exporter, to develop offshore fields in Venezuela and its maritime border to counter declining reserves. The projects were seen as significant opportunities for Venezuela to monetise its vast gas reserves and initiate exports, providing a new revenue source, reported Reuters. The licences allowed Shell, BP and Trinidad's National Gas Company to plan these projects as exemptions to US sanctions on Venezuela. The companies now face a 27 May deadline to wind down activities. In 2023, Venezuela granted Shell a 30-year licence to operate the Dragon field, which contains four trillion cubic feet of natural gas reserves, with plans to export gas to Trinidad for LNG conversion next year. A similar licence was granted to BP for the Manakin-Cocuina cross-border field development. US licences are essential for negotiating, planning and developing these projects due to Washington's sanctions on Venezuela's energy industry and its state-owned company Petróleos de Venezuela. Last month, the Trump administration began suspending authorisations related to Venezuela, including those for Chevron, Eni and Repsol, with a 27 May deadline for winding down operations. The US has accused Venezuelan President Nicolas Maduro of insufficient efforts to restore democracy and address illegal migration to the US. Venezuelan officials have criticised the sanctions as an economic war. Shell declined to comment, while BP and Venezuela's government did not immediately respond to requests for comment. Prime Minister Young stated that the revocation halts any payments to Venezuela related to the projects. Trinidad is seeking a meeting with the US Government to discuss the suspensions and the recent tariff imposition on Chinese shipping, which could affect the Caribbean island and others in the region. "US revokes licences for Trinidad-Venezuela offshore gas projects" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Reuters
27-03-2025
- Business
- Reuters
Key gas project with Venezuela not slowing down despite US pressure, Trinidad says
March 27 (Reuters) - Companies planning a flagship offshore gas project between Venezuela and Trinidad and Tobago "have not slowed down" work, Trinidad Prime Minister Stuart Young said on Thursday, despite the United States increasing pressure on sanctioned Venezuela and uncertainty over the extension of a license for the project. Following talks with U.S. Secretary of State Marco Rubio, who is visiting South American and Caribbean countries this week, Young said the "landscape is changing," referring to the imposition of secondary tariffs on importers of Venezuelan oil and gas recently announced by Washington. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. A U.S. license authorizing the gas project, located in Venezuelan waters and whose first production could come as early as next year, was granted in 2023 to Shell (SHEL.L), opens new tab and Trinidad's National Gas Company. It is set to expire in October. The United States has not shown its commitment to extend it, even though companies see the extension as essential to secure first output once a final investment decision is made on the project, which could come this year. Trinidad's government plans to buy equipment from U.S. providers to bolster energy security, Young added, without providing details.
Miami Herald
27-03-2025
- Business
- Miami Herald
A Nation of Diversity, Growth and Opportunity
The southernmost West Indies islands are most famous for the energy sector and carnival, but are looking toward a diversified and prosperous future For discerning travelers seeking Trinidad and Tobago, as the biggest economy in the Caribbean, is a key pillar for U.S. interests in the region and economic, political, military and cultural ties run deep. The two countries share a range of values. Trinidad and Tobago enters an election year in 2025 with the knowledge that Prime Minister Keith Rowley, in power since 2015, will not be offering himself to voters on either island, having revealed he would be stepping down on March 16. His party's chosen replacement, Stuart Young, a former attorney and currently the Minister of Energy and Energy Industries, will be leading the People's National Movement into the elections which must be held by August at the latest. Major oil and gas deals signed Oil and gas, which have been the backbone of the country's economy for over a century, continue to be the major economic driver, only now the country is looking internationally. It is the world's 17th largest producer of natural gas and output increased 13% in 2023, but supplies are dwindling. For that, Trinidad has turned to its near neighbor Venezuela. Following intense negotiations with the U.S., in October 2023 the Treasury granted Trinidad an amendment to a license allowing the joint development of the Dragon offshore gas field, allowing Trinidad to pay Venezuela in hard currency or in kind. An agreement was signed between Venezuelan state-owned national oil company PDVSA, Stuart Young on behalf of Trinidad's National Gas Company (NGC) and the field is likely to be operated by Shell with NGC as a minority partner. The Dragon field, located in Venezuelan waters near the maritime border with Trinidad, holds up to 4.2 trillion cubic feet of gas. Trinidad needs the fuel to boost its liquefied natural gas (LNG) and petrochemical industries and Venezuela hopes to have access to cash. The field could provide up to half of Trinidad's natural gas demand of 700 million cubic feet and could even restart the country's long shuttered steel industry, resulting in thousands of jobs being recovered. Shell also made a final investment decision in July 2024 to develop its share of the Manatee gasfield, part of the Loran-Manatee offshore gas field which crosses the countries' border. Production is expected to start in 2027. Not finished there, however, another deal was signed in July between Venezuela, BP and NGC for the exploration and production of the Manakin-Cocuina field, which also crosses the maritime boundary between the two countries. The 20-year deal sees the 1 trillion cubic feet gas field to be developed by BP's Trinidad entity, bpTT, on the Trinidad side and by BP and NGC on Venezuela's side. The U.S. Office of Foreign Assets Control had granted an exemption to sanctions in order for the field to be developed in May. The U.S. continues to be by far Trinidad and Tobago's most important trading partner. In 2022, Trinidad and Tobago exported $5.4 billion of goods to the U.S. and imported $3.5 billion of goods from the U.S. Exports mostly included LNG and downstream energy products, while imports include food products, refined petroleum and machinery. In November 2024, following the U.S. presidential election, Foreign Minister Amery Browne said that Trinidad expects excellent relations with President Trump following his return to the White House. A further deepening of relations in December 2024 was the signing of agreements between the United States and Trinidad for greater cooperation in military matters, possibly allowing for U.S. troops to be stationed in Trinidad, although this is staunchly denied by the prime minister. The five agreements signed include a Status of Forces agreement that facilitates interoperability between the two countries' armed forces. The two nations also extended the Caribbean Basin Security Initiative Technical Assistance Field Team and the Acquisition and Cross-Servicing Agreement, in a ceremony signed by the Commander of U.S. Southern Command, Admiral Alvin Holsey and Trinidad's Minister of National Security, Fitzgerald Hinds, in the presence of Rowley and U.S. ambassador to Trinidad, Candace Bond. Aside from political, economic and military relations, the U.S. continues to be vitally important to Trinidad because of the vast diaspora residing there — South Florida and New York primarily. Trinidad-headquartered Caribbean Airlines operates a daily flight to Miami, a double daily schedule is operated by American Airlines and the diaspora plays a major part in the annual Miami Carnival and dozens of other cultural events. Bilateral relations run deep and are set to stay that way for the foreseeable future between two friendly nations.
