00:00A strategic advantage of infrastructure, years of expertise, and a gas-based industrial economy.
00:06That's what Finance Minister Devindranath Tank, who states that TNT possesses.
00:11He says that discipline and competence are needed to ensure that this translates into revenue, jobs, foreign exchange, and national
00:20value.
00:21His comments come as he was asked in the lower house to outline the government's fiscal policy on cross-border
00:27natural gas entering into the country.
00:30This government's fiscal policy is therefore clear.
00:34When natural gas or other hydrocarbons enter Trinidad and Tobago for use, processing, liquefaction, industrial activity, or export, Trinidad and
00:45Tobago must be compensated.
00:48The country must not be treated as a convenient corridor.
00:51Tanku states that citizens will not be made to stand by and watch others monetize the system that was in
00:58part built by this country.
01:00He says the cross-border fields such as Coquina Mannequin, Loran Manatee, and Dragon require TNT's resources.
01:07The existing government and government arrangements with neighboring jurisdictions, including Venezuela, Barbados, and Grenada, do not themselves set out the
01:16specific fiscal terms for the importation of hydrocarbons into Trinidad and Tobago.
01:20According to Tanku, the revenue structure was incomplete under the former administration after a committee set up to undertake the
01:28work didn't finish the process.
01:30While he outlines that the contracts previously negotiated under the People's National Movement remain in place with Venezuela,
01:37the minister says the government is putting a fiscal framework in place.
01:42Possible revenue arrangements may include fixed fees for the importation of hydrocarbons,
01:48commodity charges based on the volume of gas consumed, unit transit fees based on distance,
01:54reserved volume or consumed volume, and any other mechanism required to protect the national interest while preserving project viability.
02:02MP for Port of Spain, North St. Anne's West, George Young, says the two matters are separate and apart.
02:10Fiscal policy is a domestic issue and has nothing to do with Venezuela.
02:16Asked again about the government's fiscal policy, Tanku reveals the following.
02:21Mr. Speaker, we are establishing a new fiscal review committee which will examine the full gas value chain.
02:29He says this would include tariffs for the use of different national energy assets.
02:35But Young questions how this will work with energy giants such as BP and Shell,
02:39which already have their commercial models in place.
02:43Would the minister please advise whether they have told BP and Shell
02:49that they intend to impose heavy fiscal terms on their commercial modeling?
02:55The government, as I just described, of this country is involved in negotiations
02:59with substantial multinationals as it relates to this package
03:04and as it relates to our treatment with the oil and gas developments.
03:08Those developments are in negotiation and discussion stages.
03:12The member opposite very well knows that, but is seeking to ride the backs of the work of this government,
03:18which he failed to do when he was in office.
03:20Alicia Boucher, TV6 News.
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