Trinidad and Tobago vies to renegotiate LNG contracts
Trinidad and Tobago has announced that it wants to renegotiate the contracts for Atlantic LNG Co.'s (ALNG) Trains 1, 2, and 3.
PORT OF SPAIN, Oct. 8 -- Trinidad and Tobago has announced that it wants to renegotiate the contracts for Atlantic LNG Co.'s (ALNG) Trains 1, 2, and 3.
Patrick Manning, prime minister of the Caribbean twin-island nation, said his government is dissatisfied with the level of revenues collected from the gas producers that supply ALNG.
"It is clear that the circumstances have changed since the contracts for [ALNG's] Trains 1, 2, and 3 were negotiated and Trinidad and Tobago wants to get its fair share of the revenues," the prime minister said.
Manning will soon travel to Madrid, where he will meet with the Repsol-YPF SA Pres. Antonio Brusfau. He will then visit London to hold discussions with BP PLC's Chief Executive Officer Tony Haywood and BG Group Chief Executive Officer Frank Chapman.
Manning will be accompanied by the Minister of Energy and Energy Industries Sen. Conrad Enill and other senior technocrats in the twin-island nation's energy industry.
ALNG purchases gas from suppliers and sells freight on board to customers from its Point Fortin port in respect of Trains 1, 2, and 3. But in Train 4, ALNG operates as a processor of gas.
The company operates the Atlantic group—three separate companies owned by subsidiaries of BP, BG, Repsol-YPF, Suez LNG, and National Gas Co. of Trinidad & Tobago Ltd.
With a total production capacity of 15 million tonnes/year, ALNG is the largest supplier of LNG to the US.