Oil

Russian gas giant could use T&T's LNG trains - Bloomberg report

An article carried by Manhattan-based financial news service, Bloomberg, is suggesting that Russian state-controlled gas giant Rosneft PJSC could seek to develop close ties with Trinidad and Tobago, to produce gas from two gas fields given to it by Venezuela.

The article suggests that Trinidad and Tobago's LNG trains in Point Fortin could be used to develop the gas for export.

An accord signed by both Russia and Venezuela earlier this month will give Rosneft tax breaks to produce and export gas from the Patao and Mejillones fields off Venezuela’s east coast.

Venezuela gives Russia control of new gas deposits near T&T

A report carried by a pan-Latin American news organisation, Panam Post, is stating that Venezuelan president Nicolas Maduro has given Russia two gas deposits near to Trinidad and Tobago.

The report says that Maduro offered up 100% of the project and all gas rights exploited.

The article says this is further evidence that Russian president Vladimir Putin is challenging the US government in the region, and reinforcing his plans to stay in the South American country.

Imbert: Caribbean must become energy efficient

The Caribbean must as­pire to be en­er­gy ef­fi­cient as the re­gion is one of the world’s largest un­tapped sources of re­new­able en­er­gy, with po­ten­tial in so­lar, wind, ge­ot­her­mal and ma­rine en­er­gy.

This was the ap­peal from act­ing Prime Min­is­ter Colm Im­bert as he ad­dressed the open­ing of the Caribbean De­vel­op­ment Bank’s (CDB) 49th an­nu­al meet­ing of the Board of Gov­er­nors at the Hy­att Re­gency ho­tel in Port-of-Spain yes­ter­day.

T&T sees highest monthly oil export to US in 7 years

Trinidad and Tobago's oil exports to the United States, reached a notable but not-overly-significant seven-year high in December last year.

This is according to figures released by the US Energy Information Administration.

The data shows that in December 2018, this country's export of crude oil to the US was 1.127 million barrels, the most ever exported in one month, since November 2011.

It was also the highest December delivery to the US, since 2007.

The data does not explain the reason why that month, in particular, accounted for such a high volume.

Oil prices rise after US sanctions on Venezuela

Oil rose above $52 a barrel as the White House announced new sanctions against Venezuela’s state oil company Monday, bringing another supply risk to the market.

Futures rose as much as 1.2 percent in New York, following a 3.2 percent drop Monday.

The Trump administration issued fresh sanctions on PDVSA which effectively block President Nicolas Maduro’s regime from exporting Venezuela’s crude to the U.S.

That came hours after Saudi Arabia pledged deeper cuts in February as part of a deal with its allies to cut oil production.to the market.

T&T can lose Caricom market for fuel

Trinidad and Tobago faces the possibility of losing Caricom markets for the export of fuel as the price of fuel coming out of T&T is likely to increase.

Minister of Energy and Energy Industries, Franklin Khan told the Senate today that Caricom countries now have the option of sourcing their products on the open market.

He said that Petrotrin still has the ability to supply small cargoes, including aviation fuel, to small Caricom countries, which gives it a strategic advantage.

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