Young reiterates fears for TT's energy sector

Port of Spain North/St Ann's West MP Stuart Young. - File photo

FORMER prime minister and energy minister Stuart Young has repeated his concerns about the UNC continuing to undermine confidence in the energy sector.

He did so in a Facebook post on December 29.

Young, who is also Port of Spain North/St Ann's West MP said, "In 2024 Nutrien spent US$130 million on their Trinidad and Tobago assets (plants)."

The PNM was in government at that time.

Young said,"This significant investment was based on the confidence that Nutrien had in TT and our energy sector’s management and outlook."

He added, "The gas sector was being carefully managed, relationships were mutually respectful and TT’s interest was being looked after."

Young said, "It is a delicate balancing exercise understanding that we are competing globally against other countries that also have natural gas supplies."

He claimed that eight months after the UNC won the April 28 general election, Prime Minister Kamla Persad-Bissessar, Energy Minister Dr Roodal Moonilal, Minister in the Ministry of Energy Ernesto Kesar and National Gas Company (NGC) chairman Gerald Ramdeen have "destroyed confidence in TT’s energy sector."

Young repeated his warning that if Nutrien's unprecedented shutdown of its plants turns into a withdrawal from TT, it will be a disaster.

"Loss of thousands of jobs, loss of forex (foreign exchange), downgrade, continued deterioration and destruction of our delicate energy sector."

He said, "Additionally, NGC gas sale contracts to the petrochemical companies at Pt Lisas have been expiring and the UNC has failed to negotiate any long-term commercial gas sale contracts."

Young warned, "Companies will only invest if there is certainty of future gas supply and a level of confidence in the management of our energy sector, both of which are now gone."

He claimed, "The UNC removed all of those individuals with the experience and competence to assist in managing our energy sector."

Young said the population needs to ask why this was done.

Nutrien began a controlled, phased shutdown of its Trinidad operations on October 23, amid complaints of port access restrictions and unreliable natural gas supply.

The shutdown left almost 600 workers on the breadline.

On November 17, Ramdeen claimed the shutdown resulted in other companies at the Point Lisas Industrial Estate improving their output.

Ramdeen was part of a meeting with Persad-Bissessar, Moonilal and the leadership of Nutrien at the Diplomatic Centre in St Ann's on November 21.

A statement issued by the Office of the Prime Minister on that day described the talks as productive and reiterated Persad-Bissessar's commitment to protecting jobs and ensuring continued investment in TT’s energy sector.”

Before this meeting, Moonilal said government was maintaining an “open-door policy” with Nutrien and other energy companies in TT.

He said the ministry had been in touch with the company in the two weeks prior to the meeting.

“We are quite prepared to discuss at an appropriate time, future investment and future projects involving Nutrien and others in the downstream sector."