Minister of Energy and Energy Industries Dr Roodal Moonilal expects billions of United States dollars in investments by 2028.
Speaking at the post-Cabinet briefing on Thursday, Moonilal said this is because there has been increased downstream activity following recent developments.
“Between 2025 and 2028, we expect US$9 billion investment in the economy through the energy sector and that relates not only to the upstream but also to the downstream sector, so we are very optimistic,” he said.
“Our door is going to be broken down anytime now by investors coming to us and wishing to participate in the energy sector. NGC, Heritage and Paria and others are working around the clock to ensure we have this investment,” Moonilal said.
Moonilal also noted that management vacancies at Paria Fuel Trade Company would be filled through the necessary processes, but the decision would be made by the board, not the Ministry of Energy.
“Those matters are organisational matters within the purview of the respective boards and directors. I leave it there. There are always vacancies in State enterprises and ministries, and they will be filled through a transparent process as we go on,” he said.
Moonilal: Former administration to blame
Addressing the ongoing issues between the National Gas Company of T&T Ltd (NGC) and Nutrien, Moonilal said the Government was acting in the national interest, and blamed the former People’s National Movement (PNM) government for the challenges faced now.
“One of the major issues that has led to some of these developments is the failure of the former regime and the often voluminous speaking of the former minister of energy. Over five years or so, they were not able to negotiate gas agreements properly with several of the downstream entities. They were not able to negotiate and settle pay-a-user arrangements, which has led to a concern. Their failure, neglect, unwillingness, and incompetence led to several concerns that we face now and are working with.”
He said NGC is currently renegotiating contracts with downstream entities.
“Some have expressed their willingness, and in fact, they have expressed their appreciation for the manner in which NGC and other entities have been working with them during this period, where a lot of negotiations should have been settled prior to April 2028.”
Responding to comments from former prime minister and energy minister Stuart Young, Moonilal said the Government “assures that he and the PNM government will not return”, which he claimed has boosted confidence in the energy sector.