Trinidad and Tobago Roundup: Natural gas, banking profits, sedition allegation
Natural gas industry
BP Trinidad and Tobago and Trinidad and Tobago’s National Gas Company (NGC) have received a two-year license from the US government to explore and develop a gas field in the Caribbean, spanning the maritime boundary between Venezuela and Trinidad and Tobago. The Energy Chamber of Trinidad and Tobago sees this as a major opportunity for the two countries and others that rely on imported gas. The license covers a project with around 1 trillion cubic feet of gas reserves and is set to expire in 2026. According to Offshore Energy, there is optimism for cross-border gas opportunities with Venezuela, and bids for offshore blocks in Trinidad and Tobago have been received and are being evaluated. Additionally, new oil wells have been brought online and energy companies have secured projects in the region.
Canadian vlogger accused of sedition
Canadian vlogger Chris Must List was arrested in Trinidad for sedition after posting videos interviewing gang members opposing the government. He is known for travelling to dangerous places and had previously faced legal issues in Cuba and Somalia. BBC reports that the judge set his bail at $100,000 and he could face a summary trial with penalties of a $3,000 fine or two years in prison, or a High Court trial with penalties of a $25,000 fine and five years in prison. Yasin Abu Bakr, who led a 1990 coup attempt, was also charged with sedition in Trinidad.
Banking profits
The Trinidad and Tobago Mortgage Bank Ltd (TTMB) and its subsidiary Home Mortgage Bank (HMB) and HMB reported a 44.5% increase in profits in the first quarter of 2024. The company's assets grew by 58% to $8.5 billion, and profits increased to $47.5 million. The company's new subsidiary offered mutual funds backed by real estate, which resulted in competitive returns and high levels of security, reports Trinidad and Tobago News Day. The TTMB's primary mandate is to provide affordable financing to citizens of the country, which is expected to drive revenue and profitability. The TTMB is a merger between TTMF and HMB, completed in February 2024 and is owned by the National Insurance Board and the Government.
Infrastructure development
The Division of Infrastructure, Quarries and Urban Development (DIQUD) is undertaking an upgrade of the Charlotteville jetty's landing. The jetty, currently 20 feet long and five feet wide, will be extended to 37 feet in length and seven feet in width. The project, being executed by the DIQUD Speyside district staff, commenced on May 4 and is expected to be completed within 30 days, weather permitting. This enhancement aims to address the needs of the cruise ship tourism industry, providing a more efficient and secure berthing experience for cruise liners entering the bay, as reported by Trinidad and Tobago News Day. During the recent cruise season, vessels servicing the existing jetty faced some challenges, which this upgrade seeks to mitigate.
$50 million allocation to House of Assembly
Finance Minister Colm Imbert announced that a $50 million supplementary allocation to the Tobago House of Assembly (THA) in the 2023/2024 budget is intended to support the THA in covering costs related to the oil spill that occurred off Tobago's coast on February 7. He made this statement before the Standing Finance Committee of the House of Representatives approved the sum on June 3. According to Imbert, the THA had requested $153 million from the government to aid in their efforts to address the oil spill, but the Ministry of Finance determined that $50 million was a more suitable amount, as reported by Trinidad and Tobago News Day.
