Young promotes hydrocarbon industry at Suriname summit

Focusing on Trinidad and Tobago's history in the hydrocarbon industry, Energy Minister Stuart Young delivered an address at Suriname's energy, oil and gas summit in Paramaribo on Tuesday.

The presentation was on Energy for Development – Country Spotlights, and he shared a stage with Antonio Almonte, Minister of Energy and Mines of the Dominican Republic, and moderator Carlos A Garibaldi, executive secretary from Arpel.

Young said in a Facebook post that in following the theme of hydrocarbon he spoke of how TT was able to build a sophisticated gas-based sector which includes liquefied natural gas (LNG), ammonia, methanol, urea and urea-ammonium nitrate (UAN) production.

"I provided insight into the negotiations that we have undertaken in the last seven years, the restructuring of Atlantic LNG, how we are dealing with expected decline in production being a mature basin, the pursuit of deep water production and even cross border gas from Venezuela.

"I reminded the audience that the promises of trillions of dollars to assist with energy security and assistance to combat the effects of climate change which was made to developing countries who are often the most and worst affected by climate change has not materialised and I implored that we must chart our own destiny and be heard," Young said.

He said he reiterated from previous discussions that a strategic alliance between Suriname, Guyana, TT and others with hydrocarbon potential in the region could benefit Caricom, Latin America and others, including the Dominican Republic.

"I ended by outlining TT’s efforts in renewables with our 112.2 megawatt solar project, our plans for green hydrogen, the use of electric vehicles and other initiatives as part of our responsibility and response to carbon reduction."

Young said his presentation was well received, with positive feedback from Ronnie Brunswijk, Vice President of Suriname and Annand Jagesar, managing director and CEO of Staatsolie – a Suriname-based petroleum company. He said he looks forward to working on ensuring the region receives the appropriate developmental support and returns.

Young returned to TT on Wednesday.