Full steam ahead

By LEISELLE MARAJ Wednesday, May 6 2009
http://www.newsday.co.tt/news/0,99644.html

DEMAND for this country’s energy products will continue, despite a bleak global economic outlook for this year, Energy Minister Conrad Enill said yesterday.

The minister witnessed the signing of an agreement between the governments of Trinidad and Tobago and China which will jumpstart the provision of finances for the construction of the controversial Alutrint aluminium smelter in La Brea, which begins construction next month.

China, through its Export Import Bank, signed the framework agreement on the provision of a concessional loan of US$112 million (TT$705 million).

Last June, both governments signed a memorandum of understanding in which China agreed to provide a buyer’s credit loan agreement on the smelter project of approximately US$300 million (TT$1.8 billion). Enill said long term considerations were made to safeguard against the impact of fluctuations of gas prices, when asked about this at a press conference following the signing at the Trinidad Hyatt Regency Hotel, Port-of-Spain.

“Once countries decide they want a better standard of living, this will create demand for our products,” he said.

Revenue flows, Enill said, have been less than anticipated but the country has been able to withstand these challenges due to “tough decisions taken by Government over the years, which we did not have to take at the time.”

The China National Machinery and Equipment Import and Export Corporation will begin construction of the smelter which produces 125 tonnes of aluminium per year.