PRIME Minister Dr Keith Rowley and Energy Minister Stuart Young are due to meet Proman executives this week, on the first leg of a trip to Europe where they will meet the world’s leading energy companies who have significant investments in Trinidad and Tobago (T&T).
On Friday, Proman said it had invited the prime minister to its headquarters in Switzerland to introduce him to all of Proman’s activities and discuss future investment opportunities in T&T.
“In particular, we will showcase our sustainability plans and showcase the suite of technologies that Proman has and how they can align with the government’s sustainability agenda,” Proman said in response to questions from the Express.
In a statement on Friday, the Prime Minister’s Office described Proman as “one of the largest downstream investors in the petrochemical gas industry in Trinidad and Tobago, particularly in methanol. The company has also recently invested in upstream gas exploration and production.
On its website, Proman said there are 14 petrochemical plants in the Point Lisas industrial area that are owned by the Proman family of companies, which are “the result of nearly 30 years of investment in the industry energy in Trinidad and Tobago”.
The 14 petrochemical plants in the Proman family include five methanol plants, two ammonia plants, and a seven-plant urea-ammonium nitrate (UAN) and melamine complex.
On July 30, 2021, the National Gas Company (NGC) signed a consolidated gas supply contract with Methanol Holdings (Trinidad) Ltd (MHTL), part of the Proman family of companies.
In a statement released last year, NGC said the contract would support MHTL’s methanol complex operations.
NGC said that while in the past each of MHTL’s plants was supplied under individual gas sales contracts, the consolidated gas supply contract will govern the sale of gas to the entire complex.
Proman’s MHTL plants include the five methanol plants and the seven UAN melamine plants.
Later this week, Rowley and Young are expected to meet with executive management at Shell in The Hague as well as executive management at BP in London.
Discussions with BP and Shell are expected to focus on restructuring ownership of Atlantic LNG.
On January 25, 2022, the Department of Energy announced the signing by the government of a memorandum of understanding for the restructuring of Atlantic LNG.
In the news release announcing the restructuring, the Department of Energy said the government had entered into discussions with the country’s major gas producers, BP Trinidad and Tobago LLC and Shell Trinidad and Tobago on gas-related issues in 2018.
One of the results of negotiations with BP and Shell was an agreement between the parties to explore the restructuring of Atlantic LNG, the ministry said. He added that the Atlantic LNG facility includes four LNG trains, each with different ownership structures and commercial agreements.
“It was agreed that the Atlantic LNG facilities would be managed more efficiently if placed under a single ownership structure. Attempting to restructure shareholding and other business arrangements is unprecedented and involves many sensitive details at a time when the global energy landscape may be volatile,” the ministry said.
The chief agreements, which were signed in January this year, are to be followed by a definitive restructuring agreement.
In the January 25 press release, the Department of Energy said the proposed date for completion and execution of the definitive restructuring agreements was June 30, 2022.