Home' Trinidad and Tobago Guardian : December 11th 2014 Contents A21
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The price of oil took another dive
yesterday to new five-year lows after
Opec projected the world will need less
of its oil next year.
A US government report showing an
increase in oil supplies also pressured
Benchmark US crude was down
US$3.01, or 5 per cent, in midday
trading to US$60.81 a barrel. That's its
lowest level since July of 2009 and 43
per cent below its high for this year.
Brent crude, an international
benchmark used to price oil sold to
many US refineries, was down
US$3.04 to US$63.80.
Opec said it expects demand for its
crude to fall next year because of
lower global demand and higher
production from non-Opec countries.
Oil takes a dive on grim Opec forecast
The new National Insurance Board of T&T s
(NIB) corporate headquarters will cost $299.5 mil-
lion, Rudy Indarsingh, Minister in the Ministry of
Finance, announced yesterday as he turned the
sod for start of construction of the new facility.
"The award of this contract would have followed
an open public request with expressions of interest
following which contractors would have been short-
listed. Requests for proposals were issued and the
tender process began. I am advised that following
a tender process a contract was signed with Bouygues
Batiment Trinidad and Tobago Construction," Indars-
He was speaking on behalf of Finance Minister
Larry Howai yesterday at the ceremony at 13 Cadiz
Road, Queen s Park East.
French construction company Bouygues Batiment
was award the design and build and outfitting con-
tract for the building which should be completed in
20 months after which the corporate headquarters
will move from its current location on Cipriani Boule-
Indarsingh, who described the NIB as a financially
strong institution, added: "It has over $25 billion in
assets under its management. It is an important
pillar in this society, about 168, 000 beneficiaries
as of June, 2014. There are about 519,636 active
contributors on the system. This fund is projected
to grow in excess of $27 billion in the next financial
year. This is an achievement."
The minister also commented on the NIB s invest-
ments in light of falling oil prices and other global
"We must be able to have longevity of the fund
and the system. It must be carefully managed and
monitored. It recently made a significant investment
in oil and gas through the acquisition of Pan West
and 10 per cent shareholdings in Phoenix Park. I
am sure the board of management will continue to
police this and other investments to ensure that
those who will see this will say their moneys are
well spent," he said.
NIB chairman Adrian Bharath said the new cor-
porate head office is a new beginning for the agency
and will bring returns.
"There is an investment return. There will be
retail activities, parking and support services," he
New $299.5m headquarters for NIB
Minister of State in the Ministry of Finance Rudy Indarsingh, second from left,
and NIB chairman Adrian Bharath turn the sod for construction of the agency's
new corporate headquarters at Queen's Park West, Port-of-Spain, yesterday.
Looking on are president of Bouygues Batiment T&T Construction Company
Limited Jean-Baptiste Baudin de la Valette, left, and NIB executive director Niala
Persad-Poliah. PHOTO: ROBERTO CODALLO
BG and Chevron get 'first gas' from Starfish
Energy Minister Kevin Ram-
narine has congratulated British
Gas (BG) and Chevron on "first
gas" from their Starfish field.
Commencement of production
was achieved on Saturday.
Starfish is part of the East
Coast Marine Area which includes
the Dolphin and Dolphin Deep
natural gas fields. The Starfish
field is being produced via three
wells with production tied back
to the Dolphin platform. Produc-
tion is expected to ramp up over
time and will reach 210 million
standard cubic feet per day by
The Minister noted that BG
and Chevron were able to execute
this project in a safe manner. This
project has a number of benefits
for the country including
improved natural gas supply to
the NGC and Atlantic.
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