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Monday, February 24, 2025

Proman commits to US$1.1 billion investment in T&T

by

Gail Alexander
902 days ago
20220905
Prime Minister Dr  Keith Rowley meets David Cassidy, Chief Executive of Proman, at the energy company’s headquarters in Zurich, Switzerland, yesterday.

Prime Minister Dr Keith Rowley meets David Cassidy, Chief Executive of Proman, at the energy company’s headquarters in Zurich, Switzerland, yesterday.

OFFICE OF THE PRIME MINISTER

Pro­man is with T&T for the next 10 years with a US$1.1 bil­lion in­vest­ment.

Pro­man, one of the world’s largest methanol and fer­tilis­er pro­duc­ers, yes­ter­day re­it­er­at­ed its com­mit­ment to T&T by high­light­ing its planned in­vest­ment of US$1.1 bil­lion over the next 10 years for ma­jor plant main­te­nance turn­arounds at Point Lisas.

And Pro­man will al­so pur­sue oth­er en­er­gy tran­si­tion ini­tia­tives and op­por­tu­ni­ties in T&T.

This was in­di­cat­ed by the Of­fice of the Prime Min­is­ter yes­ter­day, af­ter Prime Min­is­ter Dr Kei­th Row­ley met with Pro­man Chief Ex­ec­u­tive David Cas­sidy and his ex­ec­u­tive at the com­pa­ny’s head­quar­ters in Zurich, Switzer­land.

Row­ley is on an over­seas trip to meet en­er­gy com­pa­ny of­fi­cials, in­clud­ing Pro­man, Shell and BP rep­re­sen­ta­tives.

Min­is­ter of En­er­gy and En­er­gy In­dus­tries Stu­art Young was al­so present yes­ter­day.

Pro­man is a glob­al leader in nat­ur­al gas-de­rived prod­ucts.

The T&T team’s meet­ing came as the price of nat­ur­al gas was re­cent­ly at record highs due to the Russ­ian/Ukraine war. Yes­ter­day’s price was (US)$8.9/MMB­TU (Trade Eco­nom­ics).

Bloomberg and Reuters yes­ter­day al­so re­port­ed that Eu­rope was scram­bling to re­spond as gas prices “rock­et­ed “ by as much as 30 per cent, af­ter Moscow “tight­ened the screws on gas” and halt­ed its Nord Stream pipeline flows to the Eu­rope Union. This has been de­scribed by in­ter­na­tion­al me­dia as an up­com­ing “en­er­gy at­tack“ on Eu­rope.

The OPM said T&T is a key cen­tre of Pro­man’s op­er­a­tions, with 14 petro­chem­i­cal plants owned and op­er­at­ed here and 1,100 em­ploy­ees, which is 67 per cent of its glob­al head­count.

The OPM added, “Dur­ing (yes­ter­day’s) meet­ing, the en­er­gy com­pa­ny re­it­er­at­ed its com­mit­ment to Trinidad and To­ba­go, high­light­ing its planned in­vest­ment of USD 1.1 bil­lion over the next ten years for ma­jor plant main­te­nance turn­arounds at Point Lisas. This in­vest­ment will fund work on safe­ty, re­li­a­bil­i­ty and green­house gas re­duc­tion ini­tia­tives. The com­pa­ny will al­so work with the Gov­ern­ment to pur­sue oth­er en­er­gy tran­si­tion ini­tia­tives and op­por­tu­ni­ties.

“Dis­cus­sions al­so fo­cused on Pro­man up­stream com­pa­ny - De­N­o­vo - its op­er­a­tions and op­por­tu­ni­ties for ex­pan­sion of its ac­qui­si­tions.

“The meet­ing fea­tured talks on Pro­man’s pro­mo­tion of methanol as a mar­itime fu­el and the re­duc­tion of ship­ping emis­sions. The meet­ing ex­plored op­por­tu­ni­ties for Trinidad and To­ba­go as one of the largest glob­al methanol pro­duc­ers, which al­so boasts a safe har­bour, to po­si­tion it­self as a ma­jor ship­ping re­fu­elling des­ti­na­tion.”

The role of car­bon cap­ture in the new eco­nom­ic mod­el for en­er­gy tran­si­tion al­so formed part of the dis­cus­sions, the OPM con­firmed.

To­day, Row­ley and Young will vis­it Pro­man’s op­er­a­tions in Ger­many.

The OPM stat­ed, “Dur­ing the meet­ing two mem­bers of Pro­man’s ex­ec­u­tive lead­er­ship team, Trinida­di­ans Ri­car­do Mo­hammed (Man­ag­ing Di­rec­tor Group Op­er­a­tions) and Ani­ta Ga­jad­har, (Man­ag­ing Di­rec­tor Mar­ket­ing, Lo­gis­tics and Ship­ping) gave de­tailed pre­sen­ta­tions on the ways in which T&T fits in­to the com­pa­ny’s glob­al thrust.”


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