STILL NO HEADWAY IN DRAGON GAS DEAL

JUST as CounterpunchTT reported, the Keith Rowley Government has come up empty-handed in talks with Venezuela over the Dragon gas field.

After two visits to Caracas, Energy Minister Stuart Young is now saying that he would “hopefully” be leading a team for further discussions.

That team would include technical experts, Young said.

CounterpunchTT had reported that the Government’s previous negotiating team lacked any experts, and included such figures as career military man, Edmund Dillon, who is currently Ambassador to Venezuela.

The minister said the new negotiating team will “hopefully bring (the gas field) to production.”

There has been no headway on the major sticking point – How will Trinidad and Tobago pay for the gas?

The two-year licence from the United States Office of Foreign Assets Control (OFAC) forbids any cash transactions.

Venezuela’s President Nicholas Maduro reacted angrily to that stipulation, accusing the US of “global dictatorship” and “colonialism.”

Prime Minister Rowley has also expressed confidence about monetising the gas reserves, but he, too, does not have a solution to the payment crisis.

In addition, there is just a 24-month period in which to explore the estimated 4.2 trillion cubic feet of gas.

Rowley had boasted about the US’ licence instead of consulting Maduro, whose administration remained mum for several days before the president’s outburst.

Diplomatic and energy experts say it is “touch-and-go” whether a payment structure would be finalised and exploration carried out within the two-year limitation.

After two rounds of negotiations, Young could only express the sentiment that negotiations are a step “on the right pathway.”