Uncertainty Over Dragon Gas Deal as Acting PM Engages Key Stakeholders

Acting Prime Minister Stuart Young stated that he cannot ensure the survival of the Dragon gas deal with Venezuela, especially following the U.S. government’s withdrawal of oil export licenses from Venezuela. Young affirmed his commitment to advocating for Trinidad and Tobago’s interests regardless of the deal’s outcome, emphasizing the deal’s importance for energy security and national stability.

Acting Prime Minister Stuart Young has expressed uncertainty regarding the future of the Dragon gas deal with Venezuela. He affirmed that if the deal collapses, he will persist in advocating for Trinidad and Tobago’s interests. This statement follows U.S. President Donald Trump’s announcement to revoke a license allowing Venezuela to export oil to the U.S., related to the country’s failure to comply with the repatriation of its nationals.

In a post on Truth Social, President Trump indicated a reversal of concessions made by the previous Biden administration to Venezuelan leader Nicolás Maduro concerning oil transactions, citing unmet electoral conditions. Concurrently, Senator Marco Rubio announced his intent to provide foreign policy recommendations aimed at terminating all oil and gas licenses associated with the Maduro government.

Following these developments, Young convened a Cabinet meeting and addressed the media at Whitehall, Port of Spain. The Prime Minister, Dr. Keith Rowley, is currently away on a private trip to California, with no specified return date.

Young has engaged with U.S. Embassy officials and energy companies, including Shell and BP, to seek clarity on the situation, noting that there has been no immediate adverse impact on Trinidad and Tobago. However, he cautioned that it is impossible to predict the future actions of the U.S. government.

He emphasized the significance of the Dragon gas deal for the energy security of Trinidad and Tobago and the broader stability of CARICOM nations. ”Can we provide any assurance at this stage? The answer is obviously no. Are we engaged with the right people? We believe we are,” he stated emphatically.

While responding to criticism from Opposition Leader Kamla Persad-Bissessar, Young asserted that the gas agreement benefits all citizens, not specific political parties. He highlighted that the gas production expected by 2027 is vital for securing foreign exchange, facilitating public services, including healthcare and education.

Young expressed concern that demanding sanctions against the Venezuelan government could jeopardize Trinidad and Tobago’s interests. He questioned the implications for future governance should relations with Maduro be openly criticized.

Addressing the contentious nature of the Dragon gas deal, Young clarified that Trinidad and Tobago has a 30-year commercial agreement with Venezuela and that significant payments are only made upon commencement of gas production and receipt of royalties.

When pressed about whether any payments had been made to the Venezuelan government, he acknowledged that payments were processed but could not provide specific figures, as these transactions are managed by Shell and the National Gas Company.

Young also revealed that he had communicated with Venezuela’s leadership in the past 24 hours and emphasized the importance of maintaining diplomatic etiquette despite previous negative comments directed at Maduro by the Opposition.

He assured that, irrespective of potential negative outcomes from the U.S., Trinidad and Tobago will continue its engagement with Venezuela while noting the value of having industry partners like Shell, which is the world’s leading LNG trader.

Young stated that BP reaffirmed a promising “reset” in relations beneficial to Trinidad and Tobago. He confirmed that both companies, accustomed to operating in conflict-prone regions, continue to engage constructively with the Trinidadian government.

In conclusion, Acting Prime Minister Stuart Young has communicated the precarious nature of the Dragon gas deal with Venezuela amidst changing U.S. policies. While he cannot promise the deal’s future, he reaffirms commitment to securing Trinidad and Tobago’s interests in energy security. His government’s ongoing collaboration with key energy players highlights a strategic approach to navigate these uncertainties while advocating for the country’s prosperity.

Original Source: trinidadexpress.com