Trinidad and Tobago Urged to Reform Petrochemical Development Model for Local Investment
Trinidad and Tobago's economy, heavily reliant on the natural gas sector for 25 years, faces criticism for its petrochemical development model, which lacks local investment. While a few local entities like Massy Holdings are involved, the article calls for a new approach that promotes greater private sector ownership and government support to enhance local participation in the industry.
Theia Market Signal Identification - AI Assisted
Trinidad and Tobago's (T&T) economy has relied heavily on the natural gas sector for the past 25 years, with Atlantic LNG's Train 1 in Point Fortin starting this monetisation in 1999. The Point Lisas Industrial Estate was already home to multiple ammonia and methanol plants by 1997, establishing T&T as a leading exporter of these commodities.
However, the country's development model has been criticized for the lack of local investment in petrochemicals. Massy Holdings is one of the few local entities involved, alongside the Bhagwansingh family's Centrin operations.
Lawrence Duprey's efforts with the T&T Methanol Company exemplify early local capital involvement, but his overextension led to a loss of control in 2009. The AUM complex, commissioned in 2009, could have sparked diversification but did not. The article advocates for a new development model that incorporates greater local private sector ownership and government support.
Comments