Venezuela, Trinidad Sign Energy-Related Deals

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(Energy Analytics Institute, Pietro D. Pitts, 23.May.2016) – Venezuela’s President Nicolas Maduro and Trinidad and Tobago’s Prime Minister Keith Rowley were both present during an energy-related signing ceremony in Port of Spain between the two countries.

Trinidad’s Minister of Energy and Energy Industries Nicole Olivierre signed the agreements for her country while Venezuela’s Oil Minister Eulogio Del Pino signed on behalf of Venezuela, reported PDVSA in an official statement on its website.

The first agreement relates to a Functional and Governability Structure for the Loran-Manatee maritime gas field, including evaluation, development, exploitation, production and disposition of hydrocarbons.

The second agreement relates to a Memorandum of Understanding (MOU) between both countries revolved around technical and commercial studies related to the supply of Venezuelan natural gas located in the north and south eastern offshore platform regions of the OPEC member country to its Caribbean neighbor Trinidad and Tobago. The MOU also includes details related to the evaluation of a development feasibility study related to the interconnection of gas between Venezuela and Trinidad and Tobago.

During the meeting, Maduro also announced creation of a $50 million credit fund that would allow Venezuela to acquire foodstuff from Trinidad and Tobago.

Venezuela – the OPEC member country with the world’s largest crude oil and eighth largest natural gas reserves, according to the BP Statistical Review of World Energy – continues to reel in an economic crisis brought about by currency and price controls, widespread corruption and mismanagement of resources generated by its oil sector which produces 95 percent of the country’s dollar export earnings.

Besides bilateral issues, the countries also discussed matters related to drug and security issues, among others.

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