Franklin Khan

Energy Minister: Franklin Khan

ENERGY Minister Franklin Khan said yesterday that the Government expects to earn US$944.7 million (TT$6.2 billion) in additional revenues between 2018 and 2027 from Shell as a result of the new formula that would be used for all four Atlantic LNG Trains at Point Fortin.

The new formula came after “months of complex and challenging negotiations,” Khan told Parliament in a statement, in which he reported on an energy trip made to Holland, England and Texas late last month.

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For the new gas fields–the Barracuda Project (on the East Coast) and the Colibri project (on the North Coast)–it is estimated that the value of approximately US$3.3 billion will accrue to the Government over the period 2020 and 2029, Khan stated.

He said the Government and Shell agreed that gas supplied from the PSCs (Production Sharing Contracts) and any newly sanctioned PSCs for the production of LNG will be based on the new Train 1 FOB formula. Shell has embarked on the development of the Colibri project, for which first gas is projected for 2021 and the Barracuda Project, for which first gas is projected for 2020.


This week, we at Bourse take a look at the financial performance of two major players in the Non-Banking Finance sector: Sagicor Financial Corporation Limited (SFC) and Guardian Holdings Limited (GHL), for the six-month period ended June 30th, 2019. 

LAST week saw 1,346,042 shares traded on first tier market, a decrease of 14.24 per cent on the previous week’s total of 1,569,519 shares crossing the floor. The value of the shares traded was up by 15.62 per cent to $14,347,690.73 from the previous week’s value of $12,409,110.29.

Thanks but no thanks. Wheel and come again. This is the message president of the Public Services Association Watson Duke has sent to UNC political leader Kamla Persad Bissessar, who on Tuesday called for unity with the trade union movement, ahead of next year’s general election.

THE Chief Executive Officer of the Heritage Petroleum Company Mike Wylie has taken leave of absence from the job on medical grounds. This was confirmed by chairman of Trinidad Petroleum Holdings Company (TPH) Wilfred Espinet, who said the CEO was on sick leave.