Home' Trinidad and Tobago Guardian : August 6th 2013 Contents A17
AUGUST 6, 2013
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State-owned oil company Petrotrin
recorded export sales from its Pointe-a-
Pierre Refinery of 4.4 million barrels in
May, up eight per cent compared with
the year-ago period, according to the
monthly energy bulletin released by the
Ministry of Energy and Energy Affairs.
The refinery s local sales totaled 878,426
barrels, up 14 per cent from May 2012.
The refinery s May output totaled 4.9 mil-
lion barrels, up 29 per cent. Its throughput
was 157,731 b/d, up 29 percent year on
Crude oil imports totaled 3.7 million
barrels, up 68 per cent, with shipments
coming from Colombia, Russia, and Gabon.
Production of crude oil and condensate
was 80,685 barrels per day in May, down
5 per cent while Atlantic LNG produced
2.9 million cubic meters of LNG in May,
up 16 per cent year on year.
LNG sales and deliveries from Atlantic
totaled 64.7 million MMBtu in May, up
17 per cent from 55.3 million MMBtu in
May 2012. May NGL sales and deliveries
from ALNG were 590,799 barrels, up 6
Phoenix Park Gas Processors produced
1.1 million barrels of NGLs, unchanged
year on year and NGL exports were 1.3
million barrels, up 54 per cent, the Min-
Data shows higher T&T energy production
Trade Minister Vasant Bharath said yesterday
that T&T s high crime rate has not affected for-
eign direct investment.
"We have not come across any investor who
is not coming to T&T because of crime. I believe
that there are many countries in the world that
have high crime rates, like Colombia and
Venezuela, but it has not prevented them from
"I am not going to sweep it under the carpet
and say it is not an issue. It is an issue for foreign
direct investors but we have many other pluses
that we can sell while we are attempting to get
the issue of crime down,"the minister told
reporters yesterday during a seminar on trade
and export financing at the Courtyard Marriott
"Colombia has one of the most successful
health tourism industries and they have huge
crime as everyone knows. Jamaica also has large
investments and they have a high crime rate, so
it is not main factor. The issue is how we are
dealing with it," Bharath said.
The minister said, however, that crime cannot
be solved overnight: "It has really crippled our
society for the last 20 or 30 years and we have
to deal with it at every level of the society, not
just the impact but the root causes and it is a
Keys to trade and export financing on Monday
5 August, 2013, Minister Bharath said that while
on the international frontier, the Government is
expanding market access for T&T s goods and
services, we must establish the enabling envi-
ronment and create that hook to attract and
keep investors here in T&T, for the rest of the
world is moving ahead and persons have many
options on where to invest their money .
Bharath used the opportunity to urge ministries
and relevant agencies to "clean up your act to
attract and keep investors in Trinidad and Toba-
go."He said: "Exim Bank is currently too import
oriented and there is a need to become more
export focused providing incentives for the local
industry to become export ready."
The minister said he hoped the seminar will
be both informative and provide participants
with information on novel ways that they can
access financing and related services to expand
or venture into trade and export activities.
Bharath announced that government will be
rolling out seven new Industrial parks across the
country, accessing funds from the People s Repub-
lic of China.
"Currently a team of Chinese engineers are in
Trinidad planning the roll out of the parks sched-
uled to take place over the next two years to
create the arena so persons can move in and do
business in T&T .
In response to questions from reporters, Bharath
denied that the United National Congress, the
main people in T&T s People s Partnership gov-
erning coalition, is in "crisis mode."
"Whether you can expect any changes is a
question to be posed to the Prime Minister under
whose portfolio that falls," he said.
He said VAT is a "major constraint" and this
is one area that he has proposed to the Finance
Ministry for review in the national budget which
will be presented later this year.
"There has been a backlog of VAT that we
have inherited and it has created major obstacles
for our manufacturers and our traders generally.
It creates cash flow problems, it creates issues
for investments of cash in the business, it creates
issues where manufacturers have to go to the
banks to borrow money where borrowing is high
and makes it uncompetitive in foreign markets,"
Bharath also said there is not enough com-
mercial space for local businesses or foreign busi-
nesses looking to set up in T&T.
"We must remember that we are competing
on the international market. There are many des-
tinations to which foreign investors can go, so
we must ensure that we have some unique selling
points. We cannot bring an investor in T&T, or
ask a local investor to invest in something that
is not available. We must have available com-
mercial space for them with electricity, cable and
water," he said.
"We are dealing with a system that has been
this way for the past 30 and 40 years," he said.
A service of
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T&T's high crime not
scaring off investors
Trade Minister Vasant Bharath,second from right, speaks with, from left, Keith Chin, chief
executive of T&T Free Zone, Brian Awang, chief executive of Exim Bank and TTMA chief
executive Ramesh Ramdeen, during a break at an Exim Bank-sponsored seminar on export
financing at the Courtyard Marriott, Port-of-Spain, yesterday. PHOTO: MARCUS GONZALES
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