00:00U.S. Deputy Secretary of State Christopher Landau is in Trinidad and Tobago as the Prime Minister announces what she
00:07says are significant steps towards renewed investment and economic activity.
00:12At the center of the announcements are three major commercial matters.
00:16The proposed redevelopment of the former steel plant at Point Lissus, a fuel storage and bunkering terminal, and developments involving
00:25the mannequin coquina gas field.
00:27They come as government seeks to attract investment and accelerate projects that have remained stalled or under development for years.
00:36So today what we witnessed was three major commercial matters are taking place.
00:42And I want to thank my team, all the members of the government who are here today.
00:47Can I thank you very much? We have worked really hard.
00:50One of the agreements targets the former steel plant at Point Lissus, where Pinnacle Steel plants to move into steel
00:58and vanadium production.
01:00We are restoring Point Lissus as an engine of growth.
01:05Pinnacle's acquisition there and proposed upgrade of the former Isca plant for steel and vanadium,
01:12if that's the proper pronunciation, production, can and will restore capacity, will create jobs, much-needed jobs,
01:21and benefit all local contractors and manufacturers.
01:24The proposed bunkering terminal is expected to add capacity to the country's maritime infrastructure,
01:30while government says outstanding arrangements surrounding the project will be finalized in the national interest.
01:47On the energy front, BP is moving closer to development of the cross-border gas field,
01:55following agreements involving BP and NGC.
01:58These agreements align with Alliance NGC across the field, removes a major obstacle,
02:06and allows BP to accelerate its final investment decision,
02:10completing in a little over a year what had remained undone for more than 10 years.
02:16That field is expected to become the first successful cross-border development
02:20to monetize gas through Trinidad and Tobago.
02:24Another development involves BP's acquisition of Woodside's entire shareholding of the Calypso field,
02:31a move which government says could bring additional domestic gas production into the country's energy mix.
02:37What this will do, this will accelerate our work in the energy industry.
02:44In energy, Calypso is a major domestic gas source and the first ever deep water development.
02:52The Prime Minister says the United States remains Trinidad and Tobago's largest trading partner,
02:57with a relationship extending beyond energy into technology, health and security.
03:03The U.S. is our largest trading partner, a very key partner in energy and technology, health, security and cross
03:14-border.
03:14The latest agreements add to a series of investment initiatives announced by the government
03:19as it seeks to translate renewed U.S. engagement into economic activity and long-term development.
03:26Urvishita Mwari, Rupnarain, TV6 News.
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