Prime Minister Dr Keith Rowley has admitted that that the country lost US billions in potential revenue from LNG exports.
However, he explained that as a result, the Government has been having dialogues with companies to ensure a more equitable sharing of LNG revenues.
The Prime Minister made the remarks as he joined other leaders at the Sixth Summit of Heads of State and Government of the Gas Exporting Countries Forum (GECF) yesterday.
“We now have an opportunity to correct this inequality consequent on the pending expiration of LNG licenses and plans to restructure the LNG business in Trinidad and Tobago.
“It is in situations like this that the value of the membership of Trinidad and Tobago in the GECF takes on added significance. The experience of the Forum which possesses 70 per cent of the world’s proven gas reserves, 44 per cent of its marketed production, 52 per cent of pipeline, and 51 per cent of LNG exports in the world is formidable and can be of immeasurable benefit to members,” Rowley explained.
He also called on members to further deepen their collaborative efforts.