TRINIDAD AND TOBAGO ENERGY MINISTER DISCUSSES TRADE WITH NEW CHINESE AMBASSADOR

Port of Spain, May 23- Minister of Energy and Energy Affairs, Senator the Honourable Kevin Ramnarine, met last May 20th 2013 with the new Ambassador of the People’s Republic of China to the Republic of Trinidad and Tobago, His Excellency Huang Xingyuan.

The issue of trade and the cordial relations between both countries were the main items of discussion. Minister Ramnarine noted that in terms of LNG trade, five (5) cargoes were sold to China in 2011 and four (4) cargoes were sold in 2012. Minister Ramnarine also noted the significant presence of major companies from China operating in the energy sector in Trinidad and Tobago.

These include:

- China Investment Corporation (CIC) which acquired 10% of Train I of the Atlantic Facility in 2012.

- Chaoyang Petroleum (Trinidad), which is owned 50/50 by the Chinese National Offshore Oil Corporation (CNOOC) and Sinopec and holds a 25.5% and 25% interest respectively in Blocks 3a and 2C.

These two Blocks are operated by BHP Billiton.

- Sinopec Overseas Oil and Gas Antilles (Trinidad) Limited (SOOGL), a subsidiary of Sinopec, has a 65% interest in the East Brighton Sub Block A and 45.5% interest in East Brighton Sub Block B.

Discussions were held on possible partnerships in energy investments in Africa as it relates to the development of natural gas reserves, which have the potential for development of LNG export projects to Asia. Discussions also centred on the impact of the proliferation of shale gas in the U.S.A. and the expansion of the Panama Canal, both of which could lead to the further shifting of Trinidad and Tobago’s LNG market towards Asia. Discussions were also held on the upcoming visit of the President of the People’s Republic of China His Excellency Xi Jinping who will pay a State visit to Trinidad and Tobago during the period May 31 to June 2, 2013.

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