PORT OF SPAIN, Trinidad – Trinidad and Tobago and Panama have held discussions which will result in a Memoradum of Understanding (MOU) being signed to further strengthen relations in the energy sector. Following the disussions Prime Minister Kamla Persad-Bissessar hosted a press conference at the Diplomatic Centre, St Ann’s.
Following is the Prime Minister’s statement at the press conference:
“Today, the Ministers of Foreign Affairs and Communications and Energy and Energy Affairs of Trinidad and Tobago met with a delegation from the Republic of Panama headed by His Excellency Juan Manuel Urriola Tam, Minister of Energy of Panama.
“The aim of this meeting was to further discussions for economic and technical cooperation between both countries. Panama’s demand for energy is now developing and as such they are looking to Trinidad and Tobago for expertise and supplies of energy. Trinidad has over 100 years of experience and as such we will make our service companies in both the private and public sectors available.
“These discussions were focused on:
• The supply of Propane, Butane, Diesel, Gasoline (92 & 95) and Bitumen to Panama.
• To explore and consider the acquisition of a bunkering licence for Petrotrin in the free-zone which will give access to bunkering ships and the local market. This will help in securing Petrotrin’s market downstream.
• Discussions will be centred around the granting of tax concessions for NPMC for the establishment of a blending plant in Panama which will give Trinidad and Tobago the advantage of getting into the lubricant and additives market.
• Securing supply of LPG from Phoenix Park Gas Processors Limited.
• Option for NPMC to establish retail marketing prospects.
• Securing LPG supply to Panama.
• Over the next 5 years Panama is looking to improve its road network. As such there is a huge demand for asphalt and asphalt based products. Discussions are on-going between Panama and LATT to provide the asphalt as well as technical consultancy services to them with regard to road building.
• Further discussions on LNG and NGC.
• Panama is transitioning towards natural gas for power generation through the establishment of a regasification plant to receive natural gas. As T&T is the only country in the Americas to export natural gas, we are well positioned to be first movers in this market.
“Moving forward a Memorandum of Understanding (MOU) between the National Secretariat of Energy of the Republic of Panama and the Ministry of Energy and Energy Affairs of the Republic of Trinidad and Tobago, to establish cooperation in the energy sector will be ratified and submitted to both Governments for consideration and approval.
“A task force will be set up to take these actions forward immediately.”
