THE Energy Chamber has described the US Office of Foreign Assets Control (OFAC) waiving sanctions which allows TT to extract Venezuela’s natural gas as a “major opportunity.”
In a media release on Wednesday the chamber said the waiver is welcomed as the sanctions prevented TT from working with Venezuela’s gas company PDVSA.
“This was a major topic of discussion at the ongoing TT Energy Conference and specifically the panel discussion on Monday on integration of the southern Caribbean gas networks.
"The panel identified a major potential opportunity for TT to become a gas processing hub for the vast natural gas resources in Venezuela and potentially other neighbouring countries.”
On Tuesday, the Prime Minister announced the US lifted sanctions to allow TT to extract gas from Venezuela. The waiver came after almost four years of lobbying led by Dr Rowley and supported by other Caricom leaders.
Rowley said the waiver came with stipulations, one being a two-year license with an optimistic view of an extension and priority given to Caribbean countries, except Cuba.
Rowley had petitioned for a ten-year licence. Venezuela will not be paid in cash but Rowley said that is not a major issue.