Friday, September 23, 2011

T&T to supply asphalt to China in 3-year deal worth US$49M

Lake Asphalt Trinidad and Tobago Limited has concluded a deal to supply China Railway Construction Caribbean Company Limited for the supply of asphalt to China.

Energy Minister Kevin Ramnarine confirmed the three-year agreement at Thursday's post cabinet media briefing.

Ramnarine said the business arrangment is good for Trinidad and Topbago since the country will earn about US$49 million during the term of the agreement. He said there other benefit is job creation.

The Minister said Lake Asphalt would likely have to hire 112 temporary workers to help with the supply of the material to the Chinese.

He said, "China Railway will work with Lake Asphalt to invest in research and development aimed at the downstream market because it is well known for some time now that the true value of the asphalt lies in taking the product further downstream.

"The other benefit of course would be dividends that would be paid to the shareholder which is Corporation Sole, the Ministry of Finance. Generally, the cash flow that would come to Lake Asphalt will allow the company to modernise and retool to face the challenges of global demand for the product in the future." 

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Jai & Sero

Jai & Sero

Our family at home in Toronto 2008

Our family at home in Toronto 2008
Amit, Heather, Fuzz, Aj, Jiv, Shiva, Rampa, Sero, Jai