Prime Minister Rowley Warns of Risks Surrounding Dragon Gas Deal

Prime Minister Dr. Keith Rowley alerts that Trinidad and Tobago’s future depends on the stability of the Dragon gas deal with Venezuela. He warns of financial calamities if agreements fail, stressing the importance of energy subsidies for essential services. Rowley urges the nation to support the deal and highlights its significance for economic stability.

Prime Minister Dr. Keith Rowley has issued a cautionary message regarding the Dragon gas agreement with Venezuela. He expressed confidence in Trinidad and Tobago’s stability concerning this deal, but warned of potential financial calamities should the United States revoke the necessary licenses or if Venezuela restricts access to gas resources. During a recent ceremony marking the partial completion of the Port of Spain General Hospital’s Central Block, Dr. Rowley emphasized the need for reliable energy agreements to fund essential services such as healthcare and education.

Dr. Rowley refuted claims made by an Opposition member regarding the failure of the Dragon gas initiative, asserting that the country should collectively support this endeavor. He urged citizens to counter negativity surrounding the project, reinforcing that the achievements made thus far are impressive, especially given the declining gas reserves within Trinidad and Tobago. He highlighted the perilous implications of failing to secure energy deals for the nation’s future.

The Prime Minister stressed that some citizens neglect the importance of the energy sector, indicating that those who celebrate any potential setback in the gas deal may not fully appreciate its repercussions on the general populace. He cited recent successes in securing a license from Venezuela’s oil field, achieved amidst shifting geopolitical climates shaped by U.S. sanctions.

Rowley articulated the need for decisive leadership during these turbulent times, urging the nation to cultivate respect in international business dealings to ensure secure agreements. He issued a stark warning regarding the fragility of this situation, stating, “If you see us losing that OFAC licence… then you know that your coo coo is cooked.”

He elaborated on the shared gas fields between Trinidad and Tobago and Venezuela, asserting that Shell is currently extracting gas from the Manatee field, a testament to successful negotiations. Rowley also posed critical questions regarding the sustainability of revenue amid dwindling gas supplies, particularly concerning the future of the Point Lisas industrial estate, which is vital for the country’s economic stability.

The Prime Minister outlined potential revenue impacts, indicating that as gas supplies diminish, Trinidad and Tobago may struggle to meet fiscal obligations. He noted that the national budget allocates significant resources for subsidies benefiting those without alternative income sources. While suggesting that financial assistance from the IMF could be a remedy, he cautioned that such aid would likely come with stringent conditions, including the possibility of subsidy removal for essential services.

In conclusion, Prime Minister Dr. Keith Rowley highlights the critical nature of the Dragon gas deal with Venezuela for Trinidad and Tobago’s economic stability. He warns that without secure energy agreements, the country may face significant financial difficulties. Emphasizing the importance of strong leadership and public support for these initiatives, Rowley foresees potential challenges if the current agreements falter, which could profoundly affect social services funded by the nation’s gas revenues.

Original Source: trinidadexpress.com