Saith:
Wealth for T&T from US$1.5b projects
By
Anna
Ramdass
Trinidad & Tobago Express
Port
Spain
Petroleumworld.com
07 09 06
Energy Minister Dr Lenny Saith says this country
will only get wealthier in the future, with the
investment of US$1.564 billion for the establishment
of the ethylene complex and maleic anhydride processing
facility.
"Great
benefits will accrue to the country from these two
projects. They will generate new wealth for the
country, contribute very significantly to sustainable
growth and create substantial employment in Trinidad
and Tobago,'' Saith said in a statement at the Parliament
sitting yesterday.
He
said both projects would produce over 5,600 jobs
during construction and a total of 540 permanent
positions. He added that close to 6,000 sustainable
jobs would be generated through the stimulation
of new businesses in a wide range of new downstream
manufacturing activities.
Saith
said the ethylene complex would be constructed on
250 acres of land yet to be identified and would
be done in three phases, with construction scheduled
to start in the last quarter of 2007.
He
said production is expected to start three years
later in 2010.
"The
capital cost is estimated at US$1.5 billion, subject
to further definition of the venture," he said.
The
project, he added, would be financed by equity 30
per cent and debt 70 per cent, with the Government
having the option of acquiring no less that ten
per cent and up to 30 per cent equity in the project.
Saith
said the establishment of a maleic anhydride processing
facility is to be undertaken by ISEGEN (PTY) Ltd,
a wholly owned private company incorporated in South
Africa.
Maleic
anhydride, he explained, is an intermediate chemical
widely used in the industries for food and beverage
products, pharmaceuticals, resins, oil additives
detergents and agricultural products.
Saith
said an MOU was signed in 2005 between ISEGEN and
Phoenix Park Gas Processors Ltd (PPGPL) and the
capital cost of the project is estimated at US$64
million, while construction is scheduled to commence
in the third or fourth quarter of 2008.
Trinidad & Tobago Express /Thursday, July 6th
2006
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