NEC
President Prakash Saith: T&T
needs to develop gas
By Asha Javeed
Trinidad Guardian
Port Spain
Petroleumworldtt.com
09 09 07
Prakash Saith, president of the National Energy
Corporation (NEC), has said that the recent Ryder
Scott Hydrocarbon audit report pointed to the need
for the country to develop the gas-based sector
in the most optimal manner.
Saith said this would incorporate future projects
that also rely on alternative energy sources such
as solar cells, solar panel manufacturing and fuel
cells.
The Ryder Scott report put proven natural gas
reserves at 17.05 tcf, probable reserves at 6.23
tcf and possible reserves at 7.76 tcf.
The
audit has lead to a prioritisation of gas-based
projects on the Government’s industrialisation
map; with priority accorded to the Alutrint smelter,
the Essar Steel complex, the Methanol Holdings’ AUM
complex, the Gas-to-Liquids plant at Petrotrin
and the methanol/propylene/polypropylene (MTP)
project for the development of a plastic industry.
“In order to further progress the objectives
of Vision 2020 Energy and as the energy industry
continues to expand and evolve, there may be a
need to consider a framework for greater ownership
of hydrocarbon assets by the State, as well as
appropriate policies and legislation to develop
and optimise value, local content and services,” said
Saith in a report delivered at the Government’s
energy conference held on August 16.
He
noted that the new gas-based industries and infrastructure
currently being developed by NEC
represent important steps towards fulfiling the
mission statement of Vision 2020. T&T must
become a net exporter of energy services and finished
manufactured products based on primary and intermediate
petrochemicals and metals.
“At the same time NEC will embrace its role
in any integrated state energy sector by actively
pursuing and expanding opportunities for co-operation
with other oil and gas producing countries in regions
such as Africa. This would not only increase the
scope of operations for the State's energy sector
but also has the possibility of expanding our current
energy reserve base so as to further grow our energy
sector in the future,” he said.
Looking
at NEC’s role in the future development
of the energy sector of T&T in the next five
years, Saith identified the projects to come on
stream as:
- Methanol Holdings AUM Complex- 2009
- Carisal Calcium Chloride Plant- 2008
- First UAN Complex- 2009
- Westlake Ethylene Complex- 2010
- Lurgi/Basell Gas to Polypropylene Complex-2011
- Isegen Maleic Anhydride Complex- 2009
- Alutrint Smelter Complex-2009
- Essar
Steel Complex- 2009
These plants should collectively generate 23,250
peak contract employees and 3,815 permanent employees.
The industries all have major downstream components.
This is significantly smaller than the downstream
map which the Government was originally intent
on pursuing.
“The new projects collectively require substantial
quantities of land and associated utilities and
marine infrastructure, and so, significant resources
would be utilised to develop the land and marine
infrastructure for these projects in the short
and medium term,” Saith said.
He said the five year period in which these projects
will come on stream should mark positive growth
for the company. It expects increases in total
income of 50.7 per cent and profit after tax of
61.4 per cent.
It also expects to see its total assets increase
from $721.8 million in 2008 to $856.4 million in
2012, an increase of 18.7 per cent.
“These
increases can be attributed mainly to the increases
in revenues from the new industrial
estates and ports. In addition, increased revenues
from our Savonetta Pier operations will be generated
when the recently constructed NU-IRON Unlimited
operates at full capacity in 2008 and Clico AUM
comes on stream in 2009.
“From
2008 to 2012, NEC will contribute approximately
$926.9 million to its shareholder
and the Treasury.”
Trinidad
Guardian
Thursday 6th September, 2007
Copyright
©2007 Trinidad
Guardian . All Rights Reserved.
