Young: Trinidad and Tobago will benefit from restructured ALNG

ENERGY Minister Stuart Young said TT is already benefiting from the restructuring of Atlantic LNG (ALNG) with billions of dollars in revenue for the State.

He added that further benefits were coming in the pipeline.

Young categorically rejected claims of Government selling out to multinational energy companies in the restructuring talks as "an absolute figment of the Opposition's imagination."

He reminded the population that the obvious and clear neglect of the energy sector in 2010-2015, shows the UNC has no moral authority to claim that it puts the national interest first.

Responding to claims and questions from Opposition Senator Wade Mark on the restructuring negotiations in the Senate on Friday, Young said Mark was fully aware "that these are confidential, commercial agreements that are currently being negotiated."

He reminded senators the move to restructure ALNG began four years ago.

That move, Young continued, involved conversations with ALNG's main shareholders BP and Shell.

"We (Government) have at every stage where there has been progress, told the nation what is going on."

Young described the negotiations as complex and unprecedented in the global LNG business.

He said the negotiations "are currently in the final stages of negotiation and at the appropriate time, the necessary information, when completed, will be provided in full transparency, that is permissible to the population."

Mark was confused by a recent statement by the Prime Minister that in the restructured ALNG, Government (through the National Gas Company-NGC) will have ten per cent shareholding in trains two and three for the first time while retaining its ten and 11 per cent shareholding in trains one and four respectively.

At a news conference at the Diplomatic Centre, St Ann's on Monday, Dr Rowley hinted that the final sign-off on the negotiations could take place in London next month.

Young said, "What I can tell the population without fear of contradiction, the negotiations that we have been undertaking on behalf of the people of TT, as a minority shareholder in ALNG, when completed, will be to the benefit of the people of TT."

He disclosed, "In fact, the price structure that we have re-negotiated over the past few years has resulted in over $17 billion additional income to the people of TT that we would not have received (if there were no restructuring negotiations)."

Young reiterated, "The final shareholding (in ALNG) will be an increased shareholding for the people of TT, at no additional cost to us."

He said the UNC's anxiety on this issue was understandable.

Young reminded the population that in 2010-2015, the UNC "did not negotiate a single gas sales contract during their period of time."

He said, "In fact, the records show the only energy contract that they negotiated continues to cost the people of TT, on an annual basis, losses of billions of dollars."

Unlike the UNC, Young continued, "the struggle to understand the complexity and confidentiality of energy negotiations is well understood by the rest of us."

Mark said, "I am not struggling with anything."

Young replied, "Literacy."

Senate President Nigel De Freitas overruled inaudible comments from Mark and Opposition Senator Anil Roberts.

Mark claimed Government traded off its shares in ALNG "in terms of the pipeline for the Dragon Gas field (in Venezuela) to the Hibiscus plant (offshore platform) that amounts to some $5 billion."

He asked Young, "Can you deny or confirm there was a trade off?"

Young said, "The answer is no. That is a figment of the of the Opposition's imagination."

De Freitas intervened again to overrule objections from opposition senators.

Mark then claimed Young was acting improperly by being lead negotiator in the restructuring and a policymaker.

Young replied, "What I can say without fear of contradiction, as a result of these negotiations, with just one aspect with two of the companies, the people of TT have received over $17 billion that they would not have received.

He said this is "tangible money that has gone to the coffers of TT."

Mark insisted there was a government sell-out in the negotiations.

Young replied, "The answer to that is very simple. We sold out nothing. We fought for the people of TT."

In contrast, he recalled that the UNC left taxpayers facing over $9 billion in claims from companies to the NGC, when it left office in 2015.

Young reminded the public that in last month's budget debate in Parliament, Opposition Leader Kamla Persad-Bissessar showed she was "unfamiliar and not even aware of what was the shareholding of the people of TT in ALNG."

He then focused on Mark.

"I would be the last person if I were Senator Mark to be talking about selling out, lest his history come back to haunt him."