Future of our oil industry

THE EDITOR: With the refinery deal between Trinidad Petroleum Holdings Ltd and Oando of Nigeria in doubt due to the recent change in government, along with recent news that Guyana is considering sending some of its gas to TT, energy experts are questioning what the future for our energy sector holds.

One thing that could be taken from these events is that Trinidad is still sought after for its ability to process and market petrochemicals and its products. As such we must follow the examples of other countries that have been able to make themselves important players.

An unexpected one is Singapore, which, despite it not having any reserves to speak of, has developed a large industrial estate with well over 100 companies operating there. It was able to achieve this due its ease of business and legal stability, making it attractive for capital intensive investments such as refineries and petrochemical plants.

A second factor is its well-developed financial markets which help Singapore in not only attaining capital, but also providing a market via trading commodities.

Though it may appear difficult to turn things around, in reality it is only a matter of will as we already have dedicated industrial parks and deep-water ports with a combined area of over 8,000 hectares.

One way of encouraging companies to set up shop here would be to offer incentives such as special rates and holidays. One could, for example, contact the bidders for the refinery and offer them land and tax concessions to build their plants. Which will provide our country with not only jobs, but feedstock for industries further up the supply chain.

ANDRE ARAUJO
via e-mail