– President Granger assures Guyanese after signing MoU with T&T

PRESIDENT David Granger and Trinidad and Tobago Prime Minister, Dr. Keith Rowley said there is nothing sinister about the Memorandum of Understanding (MoU) for cooperation in the energy sector, as they allayed the fears of the local private sector.

Ahead of the signing of the MoU by the two countries, the Georgetown Chamber of Commerce and Industry (GCCI) had expressed concern that the ‘agreement’ would open up the floodgates for Trinidadian companies to come here at a time when Guyana is on the verge of unprecedented wealth, due to the discovery of more than four billion barrels of oil-equivalent in the Stabroek Block.

Minutes after signing the MoU with his Trinidadian counterpart at State House on Wednesday, President Granger said the concerns raised were completely unjustified, stating that there is nothing in the ‘agreement’ which seeks to harm the interests of either state.

“There is no sell-out. There were some unjustified fears that Guyana is giving away the family jewels, but that is not true. It is simply a means of collaborating. Trinidad is bringing years of experience not only in production but in marketing, in gas, in oil spills, in dealing with multinational corporations and the MoU is a means of benefiting from Trinidad and Tobago’s expertise and experience. So that fear of giving away is completely unjustified,” he said.

The Guyanese head of state, while noting that Guyana and Trinidad have collaborated on several fronts over the years, said the private sector should be proud and pleased with the step the two CARICOM member states have taken.

Though stating that it is not his intention to reprimand anyone, Prime Minister Rowley expressed disappointment that there was a fear of Trinidadian “takeover” with the signing of the MoU for cooperation in the energy sector.

“We are working towards ensuring that we as a people, not just the people of Trinidad and Tobago but the people of the CARICOM – Guyana and Trinidad and Tobago – do better for all ourselves,” Dr. Rowley said, while assuring that there will be no “takeover” of Guyana’s fortune by Trinidad.

“It is simply the participation of a good neighbour working with those who are in need of our presence, maybe of our finance or our… skills. And as long as Guyana remains a friendly neighbour to us, and we remain a friendly neighbour to Guyana. It is my expectation that any and all investment in Trinidad and Tobago from Guyana or vice versa [would] be something that would be welcomed and would be encouraged and that participation in our economy would be good for all of us,” he added.

To make his case that the twin-island republic has always had the interest of Guyana at heart, Dr. Rowley said the record would show that Trinidad and Tobago had written off Guyana’s debt.

“We in Trinidad and Tobago are proud to have the record show that as a small developing country, not being a member of the Paris Club, when Guyana sought relief at the Paris Club… we in Trinidad and Tobago wrote off billions of Trinidad and Tobago dollars of Guyana’s debt… That write-off was done against the background of Trinidad and Tobago being encouraged [and] we did so against international pressures,” he stated.

The MoU sets the foundation for cooperation in the energy sector. As such, it creates a space for the provision of technical assistance in the areas of exploration and production of hydrocarbon resources; in addition to the exchange information on public policies in the areas of regulation, administration and sovereign management of hydrocarbon resources and technology transfer. Under the MoU, which is not a legally binding agreement, Guyanese would be able to benefit from capacity-building in the oil and gas sector.

Trinidad and Tobago is one of the oldest hydrocarbon producers in the world, having commenced commercial oil production in 1908. For the past seven decades, the Trinidad and Tobago energy sector has contributed significantly to the country’s GDP, government revenues and foreign exchange earnings. In 2012, the energy sector accounted for 43.7 per cent of GDP and 74.1 per cent of export earnings, and contributed 37.0 per cent to government revenue. The Ministry of Energy and Energy Industries (MEEI) monitors, controls and regulates the country’s energy and mineral sectors.