Prime Minister Dr. Keith Rowley cautioned that the Dragon gas deal with Venezuela is crucial for Trinidad and Tobago’s financial stability. He expressed confidence in current agreements but warned of potential economic challenges if the deal falters. He emphasized the importance of energy negotiations and the implications of financial dependency on gas resources.
Prime Minister Dr. Keith Rowley has issued a stark warning regarding the Dragon gas deal with Venezuela, suggesting that the nation’s financial stability could be jeopardized if the agreement fails. He expressed confidence in Trinidad and Tobago’s current agreements but cautioned of potential ‘calamity’ regarding the nation’s ability to meet its obligations should the U.S. revoke the deal’s license or if Venezuela denies access to the gas.
At an event marking the near completion of the Port of Spain General Hospital’s Central Block, Rowley emphasized the importance of continuous funding for public services like hospitals and schools. He referred to a media report asserting the Dragon gas project’s failure and encouraged citizens to support the initiative, likening it to cheering for a winning sports team. “Send your telepathic power to overcome this negative nonsense about the failure of the Dragon deal,” he stated, asserting the project’s significance amid dwindling domestic gas reserves.
Dr. Rowley warned that without successful energy agreements, Trinidad and Tobago could face serious challenges. He noted that some individuals celebrate the notion of the Dragon deal failing without considering the broader implications for the population lacking financial reserves. He highlighted the successful negotiations to secure Venezuela’s consent for Trinidad and Tobago to extract gas from a proven field despite current geopolitical tensions.
The Prime Minister underlined the importance of strong leadership in traversing these economic challenges, remarking that securing a license from the U.S. Office of Foreign Assets Control amid sanctions was a notable accomplishment. He urged citizens to recognize that losing the OFAC license or being barred from the Dragon field would spell economic difficulty. “If you see us losing that OFAC license… then you know that your coo coo is cooked,” he clarified.
Rowley pointed out that Trinidad and Tobago shares natural gas fields with Venezuela, which necessitates collaboration. He took pride in the fact that Shell has already begun extracting gas from the Manatee field. He urged the populace not to celebrate unfavorable developments regarding the gas deal, asking what the future holds for the country and its key revenue sources if gas reserves diminish.
He projected potential gas shortages in the coming years, emphasizing the ensuing impact on national revenue streams. Referencing a national budget of $60 billion, he indicated that approximately $6 billion is allocated to support citizens without alternative income sources. He emphasized that the current subsidy regime for essential services like water and electricity would be endangered without sustainable revenue, acknowledging that while the IMF could provide financial support, it would come with imposing conditions likely unfavorable to the population.
The warnings issued by Prime Minister Dr. Keith Rowley highlight the precarious position of Trinidad and Tobago’s energy sector in relation to the Dragon gas deal. With potential geopolitical risks and the need for robust leadership, the Prime Minister underscored the importance of citizens understanding the implications of the gas project’s success or failure. Future energy initiatives are critical for maintaining economic stability and public service funding.
Original Source: trinidadexpress.com
