Gas To Liquids (GTL) plant is still a victory: Keith Rowley

Prime Minister of Trinidad and Tobago Dr. Keith Rowley delivered the feature address at the Opening Ceremony for the NIQUAN Energy Trinidad Ltd. Gas To Liquids (GTL) plant Monday.

He congratulated all those people involved in making the country's first gas-to-liquids plant a reality. He showed his gratitude to executive teams at NiQuan, the Trinidad and Tobago Upstream Downstream Energy Operations Company Limited, and the Ministry of Energy and Energy Industries, including other committees and inviduals who contributed to the GTL plant.

Prime Minister stated that throughout his tenure, he showed transparency. He further added that inside management of the outline by Petrotrin and WGTL was an inevitable failure.

He stated that to overcome the failures, the government attempted to make the best of the situation and provided this project by sourcing and ensuring an accumulation of gas to the plant, to a total of 31 mmscf per day by the Trinidad and Tobago Upstream Downstream Energy Operations Company Limited.

He stated that people might question why a project started in 2007 is finishing in 2021. Then giving detailed information, he noted the project was started off as a failed attempt that caused permanent financial losses.

He stated that in 2018 when NiQuan took over the plant, Petrotrin got a payment of US$10 million, with the outstanding US$25 million will be settled in preference Shares. To fully complete the project, a further capital injection of approximately US$125 million was demanded.

He stated that the government stepped back and allowed private investors to step up. The prime minister said that NiQuan's investment shows the very first such private financial investment in a downstream energy sector, notwithstanding the global markets' problems.

He stated that the government is anticipating receiving TT$2 billion in taxes and statutory payments.

"We will continue to facilitate with assistance and make invasions where necessary," stated

He stated this project is still a victory regardless of its completion time. Counting the employment statistics, he said that more than 700 people had gained work in building the project. He also stated that 65 skilled workers will be permanently employed.