Atlantic's Train One extended for five more years

The Government has successfully negotiated an extension of Atlantic’s Train One for the next five years, including a new pricing formula that will “enhance the revenue of TT,” Communications Minister Stuart Young announced today. The initial contract was set to conclude at the end of April next year.

Speaking to the media at today’s post-Cabinet media briefing, Young said the country’s empowered negotiation team scored the “major success” yesterday, reaching gas agreements with Train One’s main shareholders, Shell and BPTT.

More details will follow over the coming weeks. The team also secured for the first time the ability for the National Gas Company to sell liquefied natural gas cargoes on behalf of the people of TT.

The negotiating teams also facilitated another major agreement with BPTT that will result in further investment including the extension a major licence for them. The team is now set to begin negotiations with Shell for negotiations on the terms and conditions for their existing contracts.

The empowered negotiation team was announced last May by the Prime Minister at the Spotlight on Energy forum and is headed by Energy Minister Franklin Khan, and includes lawyers from specialist New York Law Firm White & Case, oil and gas consultants Potent and Partners, and representatives from the Ministries of Finance and Energy.