Young: Trinidad and Tobago earns US$2310m from tax on LNG exports 2020-2023

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ENERGY Minister Stuart Young has said Trinidad and Tobago earned approximately US$2,310,000,000 in revenue from taxation of liquefied natural gas (LNG) revenues from 2020-2023.

He made this comment in a written response to a question from Opposition Senator Wade Mark.

Young's response was filed in the Senate on November 26.

The taxation earned from LNG exports was US$126,000,000; US$411,000,000; US$1,360,000,000; and US$413,000,000 for 2020, 2021, 2022 and 2023 respectively.

The estimated percentages of total energy revenue earned from gas allocated towards LNG over those years were 22, 31, 36 and 20 per cent respectively.

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Young said LNG was exported to 52 nations from 2020-August 2024.

Those countries included Argentina, Brazil, Bahrain, Bangladesh, China, Colombia, Croatia, Greece, India, Israel, Pakistan, Russia, the US, UK, UAE, South Korea, Japan and Jamaica.

Young declined to give information on the prices of the LNG exports to each of these countries, explaining, "Atlantic LNG (ALNG) is a privately-owned legal entity and accordingly this information cannot be provided."

ALNG was restructured last December. Previously, government only had shares of ten per cent and 11 per cent in trains one and four respectively.

Under the new arrangement, government has shares of ten per cent in trains two, three and four respectively.

Train one has been shut down since November 2020.

The new arrangement also allows third party gas, gas which does not come from ALNG's shareholders (BP, Shell and the National Gas Company – NGC) to be processed at ALNG's plant in Point Fortin.