Ongoing Efforts by Prime Minister Young to Secure Venezuelan Energy Deals
Prime Minister Stuart Young continues to work on securing energy deals with Venezuela, particularly regarding the Dragon gas project. He highlighted the fluid nature of the situation and intends to provide updates soon. Additionally, Young plans to address foreign exchange allocation, acknowledging a reduction in available forex.
Prime Minister Stuart Young has reaffirmed ongoing efforts to secure cross-border energy agreements with Venezuela, particularly regarding the Dragon gas project. During a post-Cabinet press briefing on March 20, Young emphasized the commitment to this endeavor and noted that he will soon provide further updates on the situation, which remains fluid and dynamic.
Young alluded to the previous media briefing held on February 27, stating, “We will continue working. I will personally continue working, Fighting is the language I used for Trinidad and Tobago. That has continued.” His confidence in future progress was evident as he mentioned, “Very, very shortly. I will be able to provide some additional information to TT with respect to those lines.”
Recent developments in U.S. foreign policy have raised concerns regarding the viability of the Dragon project. U.S. Secretary of State Marco Rubio highlighted a directive to disband Biden-era oil and gas licenses that have financed the Venezuelan regime. Additionally, on March 18, he suggested that Venezuela could face further sanctions if it does not accept its repatriated citizens from the U.S.
The Dragon gas deal, valued at approximately $1 billion and established in August 2018, had been at risk after U.S. sanctions against Venezuela were enacted in 2019. However, a license for NGC and Shell to export natural gas from the Dragon field was granted by Venezuela on December 21, 2023, with the support of the Office of Foreign Assets Control under the Biden administration.
The new Prime Minister Stuart Young, succeeding Dr. Keith Rowley on March 17, also plans to tackle foreign exchange issues. He announced a meeting to be held on March 25 with key financial entities, including the Central Bank and banking sector leaders, to discuss forex allocation, acknowledging, “The fact is we have less forex than we used to. That is a fact of life.” The outcomes of the meeting will be transparently communicated to the public.
In summary, Prime Minister Stuart Young is dedicated to advancing energy agreements with Venezuela, particularly the Dragon gas deal, amidst shifting U.S. foreign policy that poses challenges. He is committed to updating the public on developments and also aims to address the pressing issue of foreign exchange allocation in Trinidad and Tobago. Young’s proactive approach indicates a focus on strengthening the country’s energy security and financial stability.
Original Source: newsday.co.tt
