Page 8 - LatAmOil Week 23 2022

LatAmOil TRINIDAD AND TOBAGO LatAmOil

NGC will help NewGen develop a hydrogen production facility (Photo: NewGen Energy)

He added that he expected hydrogen to play an Foundational work on the sustainable hydro-
important role in the country’s petrochemical gen economy commenced in September 2021,
sector, saying it would give Trinidad and Tobago when Trinidad and Tobago’s Ministry of Energy
a competitive advantage over other states with and Energy Industries (MEEI) partnered with
higher greenhouse gas (GHG) emissions. National Energy and the Inter-American Devel-
The prime minister further noted that NGC opment Bank (IADB) to conduct a feasibility
was at the forefront of the establishment of a new study titled “Establishment of a Green Hydro-
green agency: the Sub-Committee of the Point gen Market in Trinidad and Tobago.”
Lisas Energy Association (PLEA). This body The aim of this study is to provide a roadmap
is expected to head up the PLEA sustainability for the decarbonisation of Trinidad and Tobago’s
and green agenda actions, which involves cor- energy-based industries, as well as identifying
responding with member companies in order to the milestones that will need to be reached in
ensure synergy going forward, he said. order to achieve a hydrogen-based economy.
Rowley stated that he is of the belief that the NGC has been highly active in the hydro-
NGC-led collaboration will enable PLEA to gen sector, signing a letter of intent (LoI) with
advance its sustainability agenda and establish hydrogen start-up NewGen Energy for the
itself as a world-class industrial centre, provided development of the latter company’s hydrogen
that the parties involved remain innovative. production facility. ™

VENEZUEL A
US reportedly loosening sanctions further

by letting Eni, Repsol export Venezuelan oil

THE US government appears to be moving for- Repsol and Italy’s Eni, which have maintained a
ward with steps to loosen sanctions on Venezue- presence in the South American country. How-
la’s oil and gas sector, according to information ever, the two companies were forced to halt oil-
from a Reuters report. for-debt swap deals with PdVSA in 2020.
The restrictions that Washington has Now, though, these two companies are
imposed on Caracas penalise many forms of reportedly on track to resume shipments of
collaboration with Venezuela’s national oil Venezuelan crude in the near future. Deliveries
company (NOC) PdVSA, including trade in may begin as early as next month, five sources
Venezuelan crude oil or petroleum products or familiar with the matter told Reuters.
involvement in transactions that support such The sources did not provide any specific
trade. As such, most European companies have details as to the amount of oil involved. One
exited Venezuela since 2019, when US author- source said, however, that the volumes deliv-
ities began tightening the sanctions regime to ered to Europe were not likely to be significant
target the oil and gas sector. enough to have any noticeable effect on world
The only two exceptions have been Spain’s crude markets.

P8 www. NEWSBASE .com Week 23 09•June•2022