T&T,
Equatorial Guinea to co-operate in energy projects
Trinidad Guardian
Leroy Mayers, left, permanent secretary
Ministry of Energy and Energy Industries T&T,
Dr Lenny Saith Minister of Energy and Energy Industries
T&T and Atanasio Ela Ntugu Nsa Minister of Mines,
Industry and Energy Equatorial Guinea, sign the
Memorandum of Understanding for Natural Gas Business
Development Corporation on Thursday at the National
Library Building, Abercromby Street, Port-Of-Spain.
The
Trinidad Guardian
Port
Spain
Petroleumworldtt.com
03 11 07
A team of local energy officials will visit Equatorial
Guinea within the next three months to identify
the first specific projects for co-operation between
the two countries.
The
visit follows the signing of a Memorandum of Understanding
(MOU) between Government and Equatorial Guinea on
Thursday at the National Library Building on Abercromby
Street, Port-of-Spain.
Energy
Minister Dr Lenny Saith signed on behalf of T&T
while the Minister of Mines, Industry and Energy
of Equatorial Guinea Atanasio Ela Ntugu Nsa signed
for his country.
A
release from the Ministry of Energy said the MOU
for Natural Gas Business Development Corporation
established the framework for further talks between
the two countries on the development of natural
gas projects either in T&T or in Equatorial
Guinea. It also set out other areas for co-operation:
Provision
of technical assistance for the growth and development
of a natural gas sector and related industries;
Conversion of natural gas to petrochemical products
and fuels;
Pricing, trading, storage and shipment of petrochemical
and petrochemical-based products;
Business development and industrial growth initiatives;
Development of industrial estates, infrastructure
and ports;
Human resource development.
Equatorial Guinea’s hydrocarbon reserves were
discovered 11 years ago and the country has total
proven oil reserves of 1.77 billion barrels as of
January 2005 and 1.3 trillion cubic feet of proven
natural gas reserves as of January 1, 2006.
The
ministry said Equatorial Guinea has already benefitted
from its relationship with T&T because the National
Gas Company (NGC) provided the pattern for Equatorial
Guinea to develop an entity similar to the NGC called
Sociedad Nacional de Gas de Guinea Equatorial to
manage the country’s natural gas reserves.
According
to the release, 97 per cent of the country’s
export earnings come from the sale of petrochemical
products. It added that Equatorial Guinea will begin
exporting Liquefied Natural Gas (LNG) by the end
of the year when it completes a US$1.4 billion LNG
plant with a capacity of 3.4 million tonnes per
year.
How
T&T will help
Equatorial
Guinea
Local
energy officials to visit Equatorial Guinea to identify
specific projects for co-operation;
T&T to provide technical assistance in the development
of a natural gas sector and related industries in
Equatorial Guinea;
T&T to assist in conversion of natural gas to
petrochemical products and fuels;
Business development and industrial growth initiatives;
Development of industrial estates, infrastructure
and ports;
Human resource development.
The
Trinidad Guardian
Saturday 10th March, 2007
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©2007 The Trinidad Guardian. All Rights Reserved.
