PM: Commercial relations with Spain to grow
PORT SPAIN
Trinidad & Tobago Express
Petroleumworldtt.com
02 24 09
Prime Minister Patrick Manning expects Trinidad and Tobago's commercial relations with Spain to continue to grow even amidst a global financial crisis.
Manning made the statement while addressing an assembly which included Spain's Royal couple King Carlos I and Queen Sofia, members of the diplomatic corps and representatives of the energy sector at the Hyatt Regency Hotel yesterday.
There Antonio Brufau, chief executive officer of Repsol YPF - which set up shop in this country in 1995 - gave a presentation about the company's operations in Trinidad and Tobago.
"Spain is the second largest market, after the United States of America, for Trinidad and Tobago's LNG, accounting for 30 per cent of our exports of this product," Manning explained.
"We expect our commercial relations to grow, particularly after we, along with the international community, have overcome the spreading recession that has already engulfed leading industrialised nations of the world."
Repsol currently has four natural gas trains in operation, with a total capacity of 15 million tons per year. The company holds a 30 per cent stake in Train 1, a 25 per cent stake in Trains 2 and 3, and just over 22 per cent in the fourth Train. Train 4 has a production capacity of 5.2 million tons per year and is one of the largest facilities of its kind in the world.
Manning added that Repsol also participates with bpTT, BG Trinidad and Tobago and other companies in Trinidad and Tobago's Atlantic LNG liquefaction plant.
"Repsol also holds majority interest in our marine fields Teak, Samaan and Poui. Its exploration activities have led to the identification of 14 new prospects in the development of these fields and reserves of 40 million barrels of oil," he said.
"It is clear that the prospects for a continuing strong partnership are well laid between Repsol and Trinidad and Tobago."
The presentation was followed by a short cocktail reception after which Their Majesties departed the hotel for the Jean Pierre Complex where a cultural show in their honour took place.
They were then escorted to the Piarco International Airport, where Prime Minister Patrick Manning and members of Cabinet bid the Royal couple farewell as they departed for Jamaica. -KR
Story
from Trinidad & Tobago
Express
Trinidad & Tobago Express
Wednesday, February 18th 2009
Copyright© 2008
respective author or news agency. All rights
reserved.
We welcome the use of Petroleumworld™ stories
by anyone provided it mentions Petroleumworld.com
as the source. Other stories you have to get authorization
by its authors.
