Prime Minister Stuart Young is actively working on cross-border energy deals with Venezuela, particularly the Dragon gas project, amidst changes in U.S. energy policies. Recent announcements from U.S. officials indicate a crackdown on licenses that support the Maduro regime. Young has also called for a meeting with banking leaders to address foreign exchange allocation issues in Trinidad and Tobago.
Prime Minister Stuart Young has reaffirmed ongoing efforts to finalize the cross-border energy deals with Venezuela, as he addressed the media following a Cabinet meeting on March 20. Young emphasized his personal commitment to these negotiations and stated that further details regarding these energy lines will be shared soon, but refrained from discussing specifics at this stage.
He highlighted that the energy sector remains dynamic, with ongoing work being done, and he assured that the public will soon receive updates on the progress being made.
A post on social media by U.S. Secretary of State Marco Rubio indicated a directive to terminate Biden-era oil and gas licenses that were perceived to have funded the Maduro regime in Venezuela. Rubio also hinted at the potential for further sanctions against Venezuela if it refuses to accept repatriated citizens from the U.S.
On February 26, President Donald Trump announced the cancellation of a license granted to Chevron under the Biden administration that allowed for joint ventures with Venezuela’s state oil company. This development came alongside the U.S. offering a $25 million reward for information leading to President Maduro’s arrest on narcotics-related charges.
The Dragon gas project, which was initially agreed upon in August 2018, encountered hurdles due to U.S. sanctions imposed on Venezuela in 2019. Following the Biden administration’s issuance of a license on December 21, 2023, permissions for Trinidad and Tobago to develop and export natural gas from the Dragon gas field have been granted to the National Gas Company (NGC) and Shell.
Concerns regarding the future of the Dragon deal have persisted, especially after Trump’s election victory, indicating its precarious status within the fluctuating political landscape. Former Prime Minister Dr. Keith Rowley expressed hopes for continued U.S. cooperation in his communication with Trump, emphasizing the strong ties between the two nations.
In February, the Trinidad and Tobago government announced intentions to engage the U.S. over the Dragon project and others that are crucial for regional energy security. Recently, Young succeeded Rowley as Prime Minister and has prioritized discussions around foreign exchange management.
On March 20, he revealed plans to convene a meeting with banking institutions to address foreign exchange distribution concerns, reiterating the current forex scarcity faced by the nation and signaling a transparent approach in communicating the meeting’s outcomes to the public.
Efforts to finalize the Dragon gas project and associated energy deals with Venezuela are ongoing, led by Prime Minister Stuart Young. Recent shifts in U.S. energy policy, including the cancellation of licenses related to Venezuela, have added complexity to these negotiations. The government’s commitment to transparency and the engagement of key banking stakeholders are critical as Young aims to mitigate foreign exchange issues in Trinidad and Tobago while advocating for regional energy security.
Original Source: newsday.co.tt
