Efforts to Preserve the Dragon Gas Project Amid U.S. Policy Changes

Prime Minister Stuart Young is reinforcing efforts for cross-border energy agreements with Venezuela, particularly the Dragon gas project. Ongoing U.S. policy changes could threaten these initiatives, while Young is also addressing foreign exchange issues in upcoming meetings with banking leaders. Optimism remains as developments unfold.

Prime Minister Stuart Young reaffirmed ongoing efforts to execute cross-border energy agreements with Venezuela at a post-Cabinet news conference on March 20. He emphasized his personal commitment to these negotiations, stating, “Fighting is the language I used for Trinidad and Tobago. That has continued.” Young expressed confidence that further information regarding these initiatives would soon be made available to the public.

In previous updates, Young detailed the dynamic nature of the situation, stating, “Things are very, very fluid,” and hinted at forthcoming developments concerning the energy agreements. Meanwhile, U.S. Secretary of State Marco Rubio has indicated a potential shift in U.S. foreign policy, suggesting the termination of oil licenses that have supported the Venezuelan regime, alongside a warning about possible sanctions concerning the repatriation of Venezuelan citizens.

The continuity of the Dragon gas project appears precarious, especially after recent U.S. presidential shifts. The Dragon agreement, initially signed in August 2018, came to a standstill due to U.S. sanctions imposed in 2019 under President Trump. Recent reports indicate discussions between the Trinidad and Tobago government and U.S. officials regarding the extension of the license necessary for the project’s progression.

At the Trinidad and Tobago Energy Conference in February, former Prime Minister Dr. Keith Rowley highlighted the significance of energy projects for national and regional security, including the Dragon project. Following a leadership transition, Young has also signaled an intent to address foreign exchange issues with industry leaders during a meeting scheduled for March 25. He acknowledged a shortage in forex availability, stating, “The fact is we have less forex than we used to. That is a fact of life.”

In conclusion, Prime Minister Stuart Young is actively pursuing cross-border energy deals with Venezuela, particularly emphasizing the Dragon gas project. U.S. foreign policy changes potentially jeopardize these agreements, raising concerns about energy security in Trinidad and Tobago. Nevertheless, Young remains optimistic and is working toward solutions to current forex challenges, demonstrating a commitment to transparent governance and collaboration with financial institutions.

Original Source: newsday.co.tt