Minister Young in Venezuela

Minister of Energy and Energy Industries Stuart Young is in Venezuela carrying out discussions and negotiations with Venezuelan government officials.

Young posted on social media on Saturday, “Productive discussions and negotiations in Caracas, Venezuela as we progress towards the production of Venezuelan gaseous hydrocarbons for commercialisation in TT. Meetings with Vice President Delcy Rodríguez, Minister Pedro Rafael Tellechea and PDVSA as we progressed discussions and negotiations.”

On October 18, Young announced that the US Office of Foreign Assets Control (OFAC) had granted Trinidad and Tobago permission to pay Venezuela for gas from the Dragon gas field in US dollars, Venezuelan bolivares, fiat currency and humanitarian aid.

He said there had been several virtual meetings with the Venezuelan government and PDVSA to discuss the granular level of detail for the pricing of the development of the gas from Dragon.

Young said at the time he would be leading a team back to Venezuela to hopefully finalise the arrangements, which would include negotiating both commercial and technical terms of the deal.