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| PM Kamla Pwersad-Bissessar meets with BP CEO Robert Dudley in London Friday |
They covers the period 2001 -2006 and represents the commencement of payments arising out of the negotiations with the Board of Inland Revenue.
The announcement came at a meeting in London Friday between Prime Minister Kamla Persad-Bissessar and BP's CEO, Bob Dudley and other senior BP executives.
It was a follow up to a meeting held with BP Chairman Carl-Henric Svanberg in Perth last Thursday on the side lines of the Commonwealth heads of Government Meeting (CHOGM).
BP's local subsidiary, BPTT, is the largest producer of natural gas in Trinidad and Tobago.
The BP Team has been engaged in efforts to resolve a large number of the company’s open and unresolved corporate tax issues in Trinidad and Tobago.
The BP Team has been engaged in efforts to resolve a large number of the company’s open and unresolved corporate tax issues in Trinidad and Tobago.
Byron Gote, BP’s Chief financial officer, said, “Good progress has been made on complex and technically difficult taxation issues”.
BP views this as a significant step towards bringing its taxation affairs in Trinidad and Tobago up to date.
Persad-Bissessar said she welcomes the settlement of the outstanding corporate taxes, noting that the payment reflects the commitment of the Government and BP to the future development of Trinidad and Tobago.
The Prime Minister and T&T's High Commission in London, Garvin Nicholas, also met Friday at the High Commission's office with Roland Fisher, the CEO of Gasfin Development SA, and Alan Ngwata, the company's Chief Investment officer.
The meeting was a direct consequence of Gasfin’s presence at the Caribbean Investment Forum (CIF), which was held in Trinidad and Tobago in June 2011.
BP views this as a significant step towards bringing its taxation affairs in Trinidad and Tobago up to date.
Persad-Bissessar said she welcomes the settlement of the outstanding corporate taxes, noting that the payment reflects the commitment of the Government and BP to the future development of Trinidad and Tobago.
The Prime Minister and T&T's High Commission in London, Garvin Nicholas, also met Friday at the High Commission's office with Roland Fisher, the CEO of Gasfin Development SA, and Alan Ngwata, the company's Chief Investment officer.
The meeting was a direct consequence of Gasfin’s presence at the Caribbean Investment Forum (CIF), which was held in Trinidad and Tobago in June 2011.
Gasfin development SA specialises in the provision of small to mid-scale LNG production, shipping, regasification and distribution solutions.
Gasfin executives are interested in developing a dedicated LNG production facility in Trinidad and Tobago to serve the Caribbean region.
The talks on friday focused on the opportunities arising from the high cost and poor integration of the energy markets in the Caribbean region and the need for cleaner, cheaper more efficient alternatives to oil with Natural Gas at the forefront of the options available
Gasfin is keen on developing the LNG production facility at LABIDCO. Its plan includes the use of small vessels to distribute LGN within the Caribbean region.
The talks on friday focused on the opportunities arising from the high cost and poor integration of the energy markets in the Caribbean region and the need for cleaner, cheaper more efficient alternatives to oil with Natural Gas at the forefront of the options available
Gasfin is keen on developing the LNG production facility at LABIDCO. Its plan includes the use of small vessels to distribute LGN within the Caribbean region.
It is also interested in developing mid-sized LNG production plants similar to the one that its affiliate, TGE, has already delivered in China.
The project could create several job opportunities and has the potential to generate over 400 million dollars in investment into the La Brea community.
A media release on the talks stated that Prime Minister Persad Bissessar noted that from a commercial standpoint the proposed initiative could create "a flexible and motivated supply partner for Caribbean consumers. It would also capture the long term premium market for Trinidad and Tobago’s gas in the Caribbean."
It added that while the project is still in the proposal stage and will be sent to the Ministry of Energy and the NGC for evaluation "this venture could provide an opportunity for Trinidad and Tobago to partner with fellow CARICOM members to further develop the region’s energy industry."
A media release on the talks stated that Prime Minister Persad Bissessar noted that from a commercial standpoint the proposed initiative could create "a flexible and motivated supply partner for Caribbean consumers. It would also capture the long term premium market for Trinidad and Tobago’s gas in the Caribbean."
It added that while the project is still in the proposal stage and will be sent to the Ministry of Energy and the NGC for evaluation "this venture could provide an opportunity for Trinidad and Tobago to partner with fellow CARICOM members to further develop the region’s energy industry."
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