RESTRUCTURING negotiations between the government and major energy company Atlantic LNG is at a pivotal point.
This is according to Ministry of Energy whose line minister Stuart Young who on Tuesday delivered the feature address at the opening of Atlantic LNG’s 9th Process Safety Week 2021. The address was done virtually.
The ministry in a press release stated, “In tandem with industry analysts’ projections of strong growth for LNG demand by 3.4% per annum to 2035 and then slow by 0.5% growth between 2035 to 2050, restructuring negotiations between the government of Trinidad and Tobago and Atlantic shareholders with the aim of bringing greater management and efficiency to the LNG operations are currently at a pivotal stage.”
The ministry stated that Atlantic LNG remained a major player in the energy sector being a major contributor to the country’s gross domestic product. In 2020, exports of LNG from Trinidad and Tobago amounted to 14.3 billion cubic meters or 2.9% of LNG traded worldwide, the ministry stated.
There was a continued reduction in greenhouse gas emissions the ministry added with a decrease by some 73,442 tons of carbon dioxide equivalent.
The ministry stated that as one of the top ten global LNG exporters, Atlantic LNG has helped to champion process safety best practices in the local energy industry through its annual Process Safety Week, Ten Process Safety Fundamentals and other safety initiatives under the banner of its Process Safety Motto: “Our Assets are Safe and We Know It.”
Young also recognised Atlantic LNG’s role as an employer within Point Fortin and environs and the company’s all-inclusive approach to safety by ensuring that contractors and other parties from which it procures its services from subscribe to its asset integrity management standard (AIM).
