PM: People must benefit from resources

NEITHER Prime Minister Dr Keith Rowley nor Energy Minister Franklin Khan deigned to speak to the media after the government’s six-hour long “Spotlight on Energy” event, a “public education exercise” where senior officials blasted energy companies operating in TT for not contributing their fair share to the economy.

No one from the energy companies chose to share their thoughts either, choosing instead to “digest the information” before they made a comment. The broadcast media was also initially barred from bringing cameras to the event, but after a public furore caused by a tweet from CNC3’s reporter Judy Kanhai describing her camerawoman being escorted from the Hyatt by security, they were later allowed.

The lavish event, held to allow people to know the country’s harsh economic circumstances, was held at the Hyatt Regency, Port of Spain yesterday, with all members of Cabinet, most major industry heads and several technocrats in attendance. Incidentally, no members of the public were invited despite government’s assurance that this event was for their benefit.

The event was, however, broadcast ‘live’ over the major local television networks and radio. This is the second such event hosted by government.

The first was a “Spotlight on the Economy” held one week before the 2017/2018 Budget was read. That event, also at the Hyatt, cost taxpayers $222,178.75, including $2,500 for a make-up artist, $53,235 for an events coordinator and venue rental, food and sound systems for $166.443.75.

Newsday reached out to the Office the Prime Minister via email last evening requesting a break-down in the cost of this event, but up to press time, did not get a response. Rowley was the feature speaker. “If TT is not benefitting as we should...then the country should sit up and notice,” he said. He lauded government’s commitment to transparency, noting the data shared was the same data Cabinet had access to.

He also praised former prime minister Patrick Manning for his forward-thinking perspectives, wanting “to make sure natural gas added value to the country before it was exported.” He referenced a book written by former BP chief executive, John Browne, who had toured Trinidad with Manning as they discussed the nascent natural gas industry and how it should benefit TT.

Now, Rowley lamented, the country has reached a point where it “must now sit down and talk with energy companies about getting a fairer share because we have incentivised ourselves into leakages and losses.” “If you have incentivised yourself that now, profits are not declared, you have incentivised yourself out of tax,” he said.

Some might say the country would benefit from a multiplier effect, he said, but why should shareholders alone benefit from profits. He also defended the government’s focus on energy while critics called for diversification.

“It’s not one or the other. Diversification means doing them at the same time,” he said. He also gave the assurance that the country, while under his watch, would not be going to the International Monetary Fund for a “US$200million programme when we have US$6 billion in leakages.”