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UpstreamOnline | T&T and Venezuela start food-for-gas swap

HomeMediaUpstreamOnline | T&T and Venezuela start food-for-gas swap

Noah Brenner

T&T and Venezuela start food-for-gas swap
T&T and Venezuela start food-for-gas swap

Trinidad & Tobago companies have sent their first shipments of food and consumer goods to Venezuela under a newly signed trade agreement that could send Venezuelan natural gas to Trinidad.

The initial shipments were comprised of 68 tonnes of ketchup, mayonnaise, flour, white rice, margarine, chicken, powdered milk and spaghetti, according to local reports, and were delivered to three cities in eastern Venezuela – Cumana, Carupano and Guiria.

Local reports indicated that Venezuela President Nicolas Maduro was on hand to meet the first cargo planes.

Officials from the two countries officially signed the agreement earlier this week after coming to terms on the basic structure in late May.

While the actual language of the deal has never been made public, it broadly sets up a $50 million line of credit for Venezuela to purchase food and consumer goods from Trinidad & Tobago suppliers.

Food, medicine and other basic necessities have begun to be in short supply in Venezuela due to low oil prices that have led to an economic and political crisis in the country.

In return, Trinidad saw the advancement of agreements necessary to develop the large Loran-Manatee natural gas field, which straddles the maritime border between the two countries and has been tied up in negotiations for the better part of a decade.

As part of those negotiations, Venezuela has said it was open to the idea of bringing gas from Loran-Manatee to the Atlantic LNG facility.

Venezuela also committed to discuss building a pipeline linking the Dragon natural gas field to the Hibiscus complex on the Trinidad side of the maritime boundary, which has a pipeline connection to the island of Trinidad and its numerous petrochemical facilities.

Trinidad is a major natural gas producer but a lack of upstream investment has left the nation with a gas shortage for facilities producing commodities such as LNG and methanol.

Bron: UpstreamOnline

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