PM: Trinidad and Tobago increased ownership in Atlantic LNG

THE Prime Minister said the successful restructuring of Atlantic LNG (ALNG) and re-negotiation of natural gas supply arrangements with upstream producers has greatly benefited TT.

Dr Rowley made those statements at a post-Cabinet news conference at the Diplomatic Centre, St Ann's on Thursday. He hinted that those two decisions could be part of his legacy as prime minister.

On January 25, 2022, Government and ALNG's shareholders signed a heads of agreement (HoA) to guide the company's restructuring.

A statement issued by the Energy Ministry then said the agreement was executed by Government, BP, Shell Trinidad and Tobago Ltd and the National Gas Company (NGC).

Sources at that time said the objective of the HoA was to restructure ALNG so its shareholders would own certain percentages in the new entity as opposed to having ownership in its four trains.

Rowley reminded the media that, previously, Government only had shares of ten per cent and 11 per cent in trains one and four respectively.

He said train one, the oldest of the company's trains, was withdrawn from service in November 2020 because of gas supply problems.

Rowley claimed the Opposition UNC was overjoyed by that development.

"Some of them were jumping up and down with glee to hear that train one was going to be closed down."

He defended Government's decision to ensure that train one be maintained while it was down.

"What we did was to make sure that we kept train one on the table, so we would have a seat at the table to negotiate (the restructuring of ALNG)."

Rowley opined this kind of thinking was alien to the UNC.

"Rather than negotiate for a funeral, we would negotiate for a christening."

He disclosed, "As a result of what we did with train one, we were able to change the shareholding in the restructured LNG business in TT."

Thanks to the vision of the Government, Rowley continued, TT now has a ten per cent share holding in trains two and three, through NGC. The Government's current shareholding arrangements for trains one and four remain in place.

"That is one of the most significant decisions, we have been able to accomplish."

Rowley identified Government's success in re-negotiating natural gas supply arrangements with upstream producers was another significant decision.

He reminded the media this came about when he and Energy Minister Stuart Young visited these multinational companies at their headquarters overseas and negotiated directly with their top executives.

Rowley said had neither of those developments happened "the future would have been quite bleak."

He thanked Young for his instrumental role in both of these developments.

Rowley reiterated that he is TT's number one salesman.

"If I have done nothing for this country, to take us to this position, I am satisfied that my living has not been in vain."