Home' Trinidad and Tobago Guardian : July 18th 2013 Contents BG8 | NEWS
BUSINESS GUARDIAN www.guardian.co.tt JULY 2013 • WEEK THREE
Venezuelan President Nicholas
Maduro's trip to T&T two
weeks ago followed the visits
of Chinese President Xi Jin-
ping and US Vice President
Joe Biden to T&T in May.
Energy, transportation, security and building
bridges with South America's Mercosur trade
bloc were some of the main issues on the
agenda when Maduro visited T&T on the final
day of the three-day meeting of the 34th
meeting of Caricom heads of government in
Port-of-Spain on July 6. This is not the first
time that Venezuela and its English-speaking
Caricom neighbours have met to deepen trade
and other economic-related activities.
In October 1992, the Caricom/Venezuela
agreement on trade and investment was signed
and came into force on January 1, 1993. It
allowed some Caricom products immediate
duty-free access to the Venezuela market, and
additional products on a phased basis. Already,
steps have been taken by Venezuela and T&T
to follow up on discussions that began at the
Caricom heads of government meeting.
Following Maduro's visit, a delegation from
the Venezuelan Ministry of Transport visited
T&T last week to deepen co-operation in the
area of transportation. A statement from the
Venezuelan Embassy in Port-of-Spain on
Monday said this is part of the "relaunching
of the historical relationship" between the two
"Last week, only four days after the visit
of Maduro to T&T, an important delegation
from the Ministry of Water and Air Transport
had meetings with T&T's Minister of Tourism
Stephen Cadiz and Minister of Trade Vasant
Bharath, as well as a meeting with National
Infrastructure Development Company Ltd
(Nidco)," the statement said.
Discussions were also held with regard to
establishing a timeframe for new water-taxi
routes as well as Venezuelan state-owned air-
line Conviasa establishing new routes to T&T.
According to the statement from the
embassy, the Venezuelan government has pro-
posed to offer T&T, the services of Venevega,
a state-owned shipping company to help move
goods within the region.
"The relationship seeks to make progress
in the consolidation of the ties that bind two
neighbouring peoples despite language barrier.
It starts a stage of real co-operation between
the two countries."
In T&T, Maduro had said Venezuela will
expand its fleet of ferries to reach the Venezue-
lan island of Margarita, which would eventually
be extended to other Caricom territories.
In her meeting with Maduro, Prime Minister
Kamla Persad-Bissessar said representatives
of T&T will begin talks on July 23 with the
Venezuelan government on energy matters,
especially on resolving the long outstanding
issue of the Loran Manatee field, which both
Seven trillion cubic feet (TCF) is believed
to be on Venezuela's side, while three TCF is
on T&T's side of the shared border.
"We agreed for a meeting to be convened
in T&T with representatives of Venezuela on
or about July 23. I am advised there is about
ten TCF of recoverable gas in Block A of the
Loran Manatee field," she said.
In 1990, both nations signed a Delimitation
Treaty, which sets out the terms on how to
exploit hydrocarbon reserves on both sides of
the border. In 2003 the two countries signed
a memorandum of understanding on the pro-
cedure for the unification of hydrocarbon
According to BP's Annual Statistical Review
of World Energy in June 2012, Venezuela's
deposits were at 296.5 billion barrels, making
it the country with the world's largest proven
oil reserves. It pushed Saudi Arabia into second
place, which now holds 265.4 billion barrels.
Mercosur and Unasur
Last Friday, Venezuela assumed the rotating
presidency of the South American Common
Market (Mercosur), which it will hold for the
next six months.
This trade bloc, founded in 1991, is made
up of Brazil, Argentina, Uruguay Paraguay and
Venezuela. Mercosur has five associate mem-
bers---Chile, Bolivia, Colombia, Ecuador and
Peru---that do not enjoy full voting rights or
complete access to the markets of Mercosur's
full members. They receive tariff reductions,
but are not required to impose the common
external tariff that applies to full Mercosur
The population of Mercosur's full mem-
bership totalled more than 260 million people
in 2011, including Venezuela. It has a collective
gross domestic product (GDP) of US$2.9 trillion
and is the world's fourth largest trading bloc
after the European Union (EU), North American
Free Trade Agreement (NAFTA), and the Asso-
ciation of South East Asian Nations (ASEAN).
In T&T, Maduro proposed to promote a
plan to develop exchanges between the nations
of Caricom and Mercosur.
He said this exchange of both economic
blocs would strengthen regional integration
and economic development bloc of all the
Maduro said: "Further advance work and
economic joint development in Caricom and
Mercosur and move towards a consolidated
development zone of our country, that the
Caribbean has this huge market is Brazil,
Argentina, Venezuela , Uruguay. For the
Caribbean have investment and technological
development that emerges of brothers."
Apart from Mercosur, Maduro also invited
T&T to be "incorporated" into Union of South
American Nations (Unasur) because of its geo-
graphical proximity to the South American
Unasur consists of all the countries on the
South American continent.
English speaking Guyana, which is situated
on the South American mainland next to Brazil
and Venezuela is a member of Caricom and
also a member of Unasur.
"The 21st century is the century of devel-
opment for the people of the Caribbean,"
During his visit, Maduro proposed a regional
plan to deal with the drug trade.
"We want to build a joint Caribbean security
plan. We are victims of international crime,
drug trafficking, primarily. Neither of our
countries is a producer or consumer of drugs,
yet we are victims of those who produce the
drugs," he said.
He said Venezuela shares a long border with
Colombia and continues to work hard to ensure
drugs do not cross the borders the two coun-
Venezuela's Foreign Minister Elias Jaua, who
accompanied Maduro on his visit to T&T, said
Venezuela's new Minister of Defence Carmen
Melendez will visit T&T to discuss security
Maduro talked energy,
transport while in T&T
T&T's Prime Minister Kamla Persad-Bissessar accompanies Venezuelan President Nicholas
Maduro at the Hyatt Regency Trinidad hotel, Port-of-Spain, on July 6. PHOTO: ABRAHAM DIAZ
The Latam Oil and Gas Summit, to be held on September
11 and 12 at Westin Galleria, Houston, Texas, will focus on the
challenges and business opportunities of the Latin America's
oil and gas industry.
The event will analyse the regulations of developing, exploring
and producing throughout Latin America, from the Southern
Cone to the Andean region up to Mexico and surrounding
Operating companies, service companies and professional
service firms interested in gaining accurate information and
case studies on doing business in oil and gas sectors should
attend this summit to gain high level insight at this summit.
Latin America is a major player in the global oil scene.
Mexico and Venezuela are two of the top producing countries
in Latin America and the development of pre-salt in Brazil
put the country among the major world producers.
Following is the list of speakers and a brief description of
• Félix Betancourt, general manager, Canacol Energy. The
Canadian-based international junior energy company has pro-
duction and exploration operations in South America. The
corporation's operations are focused in Colombia, Brazil, and
Guyana, with offices located in Calgary, Bogota and Rio de
• Ronald Pantin, chief executive officer, Pacific Rubiales
Pacific Rubiales Energy is a Canadian petroleum exploration
and production company in the business of heavy crude oil
and natural gas. Its focus is on Colombia and Peru where it
holds numerous properties including 38 blocks in the Llanos,
Sucre-Co Lower Magdalena and Cesar Valley, Rancheria, Upper
and Middle Magdalena Valley, Putumayo Valley, Ucayali and
In early 2010, it was the largest independent oil company
operating in South America and in terms of private companies
the fastest growing one in Colombia. In 2011 it was responsible
for 41 per cent of the growth in oil production in Colombia.
• John Hamilton, chief executive officer, President Energy
Plc. President Energy is an independent, international oil and
gas exploration and production company focused on South
America. President's strategy is to build a primarily South
American focused oil and gas production business, targeting
reserve and production growth.
• María Fernanda Souto, director, McKinsey and Company,
the global management consulting firm.
• Héctor Manosalva, executive vice-president, exploration
and production, Ecopetrol SA.
Ecopetrol, formerly known as Empresa Colombiana de
Petróleos SA, is the largest and primary petroleum company
in Colombia. As a result of its continuous growth, Ecopetrol
forms part of the Fortune Global 500 and is ranked 303. It
belongs to the group of the 25 largest petroleum companies
in the world, and is one of the four principal petroleum com-
panies in Latin America.
Latam's oil and gas challenges on agenda for two-day summit
Links Archive July 17th 2013 July 19th 2013 Navigation Previous Page Next Page