Young: No revenue streams suggestions from UNC

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Energy Minister Stuart Young addresses party supporters at a post-budget political meeting in Belmont on October 4. - Photo by Ayanna Kinsale

ENERGY Minister Stuart Young says the Opposition UNC prioritises filling the pockets of its members over ensuring the best interests of the population.

He made the claim at a PNM post-budget meeting in Belmont on October 4.

Describing the $59.7 billion 2024/2025 budget as a responsible one, Young told PNM supporters, "There is a huge difference between a responsible government that puts country first and an irresponsible party that puts party first and pockets first."

He said the latter was evident in Opposition Leader Kamla Persad-Bissessar's contribution to the budget debate in the House of Representatives earlier in the day.

"We listened for three and half plus hours and there was not a single statement on how they will get revenue for Trinidad and Tobago."

Young said in her contribution, Persad-Bissessar misled the country about rate increases for water and electricity.

"Has anybody's electricity rate gone up for the last nine years? The answer is no!"

Recently, Public Utilities Minister Marvin Gonzales said recommendations from the Regulated Industries Commission for electricity rates are currently before the Cabinet and no decision has been taken on this matter as yet.

"There has been no raising of electricity and water rates under this PNM government. ... I am warning TT. You have to take note of these things."

He said it is frightening that a former prime minister and someone aspiring to that post again, could blatantly mislead people in this manner.

He condemned Persad-Bissessar for declaring war on the Energy Chamber by promising that a future UNC government would create a parallel body to bypass the chamber and accommodate only local energy companies.

"That is a massive red flag."

Young said neither Persad-Bissessar nor the UNC understood that the members of the chamber, which includes energy multinationals BP and Shell, play an important role in ensuring the long-term health of the energy sector.

The UNC, he continued, fails to understand that if government has bad relations with companies such as these, they will not invest in TT.

"It's all about relationships."

He added Persad-Bissessar in her contribution demonstrated the UNC chooses to engage in populist politics and is unaware that "to run a country successfully ensure you have revenue."

Young said this is what the Prime Minister and other government ministers, including himself, having been trying to ensure over the last nine years.

He repeated that the energy sector will continue to play a key role in fostering economic growth.

Young asked PNM members if the UNC could be trusted with properly managing such an important sector.

He reminded them about key energy agreements which government has secured during its tenure such as the Dragon, Cocuina-Manakin and Manatee gas projects.

Last December, government secured a a 30-year licence with Venezuela for the Dragon field.

In July, government secured a 20-year licence from Venezuela for bpTT to exploit the Cocunia field on the Venezuela side of the unified one trillion cubic feet Cocuina/Manakin field of which bpTT already has an operatorship of the Manakin part lying in TT water.

Also in July, Shell announced its final investment decision on the Manatee field, which straddles the TT-Venezuela maritime border between TT and Venezuela. Shell plans to bring gas production from Manatee online by 2027.

Young said, "Within the next week, a survey ship is about to enter the waters of TT to launch from here, to go and survey the Dragon gas field because things are proceeding apace with NGC (National Gas Company), Shell and the government of TT."

He recalled the UNC being gleeful in its claims that agreements for the Dragon or Cocuina-Manakin projects would never be reached. Young said the facts in both instances have proven the opposition to be wrong.

"The UNC can't take that away from TT."

Young also recalled a claim from the UNC during the budget debate in the House that it was responsible for de-linking the Manatee field from the Loran field. He said this was false.

At a ceremony in Point Fortin on September 27 to celebrate the 25th anniversary of Atlantic LNG and the agreement last December to restructure the company, allowing government to have ten per cent shareholding in three of its LNG trains, Dr Rowley said it was the PNM which successfully negotiated with Venezuela to de-link Manatee from Loran, so TT could access natural gas from the former.

The Loran/Manatee field straddles the TT-Venezuela maritime border with Loran on the Venezuelan side and Manatee on the TT side.

Rowley also said there is the possibility of TT being able to access natural gas from Loran as well.

Young said energy ministers in the former UNC-led People's Partnership (PP) coalition government had no understanding about the energy sector and were "bedazzled" when they were speaking with energy companies.

He added this created a scenario where the PP failed to negotiate long-term energy contracts before leaving office in 2015 and leaving the PNM to clean up its mess.