ENERGY Minister Kevin Ramnarine said Trinidad and Tobago may soon be producing a cleaner alternative to diesel fuel when the recently-signed Mitsubish project comes on line.
Ramnarine was the feature speaker on Saturday night at the Liquefied Petroleum Gas Dealers Association's annual dinner, which was held at Radisson Hotel, Port of Spain.
Ramnarine explained that the diesel alternative, or dimethyl ether or DME, is currently being used in mainland China which over the years has not only seen a phenomenal rise in private vehicle ownership but also a rise in the smog levels in their main cities.
The Minister also stated that Trinidad and Tobago still maintains a buoyant economy despite the fall in oil prices, which he said had since steadily rose.
Pointing out that the country's GDP remained at US$21,000, he said: “Look at activity on the nation's roads. There are 25,000 new and foreign-used cars being sold every year and in a few weeks time the children's hospital and National Aquatic Centre and Dibe's UWI campus is scheduled to be completed as well.”
He also said that demand for everything, including cement, was also increasing which was another indicator of a buoyant economy, adding that there were several more oil rigs operating off the country's coast.
“Our economy is strong and if you doubt me, look what's happening in Trinidad and Tobago. We have had two surpluses for the first quarter of the year and oil prices have fallen and creeped back up and gas has fallen but not as dramatic as oil prices…we continue to weather the storm,” he said.
Minister Ramnarine also explained that Trinidad and Tobago has one of the lowest fuel costs, including LPG or cooking gas, in the region, thanks to both Government and subsidies from State-owned Petrotrin.
He said that while a small 20-pound tank of gas costs $21, in Grenada it is $110, St Vincent $102 and Tortola (British Virgin Islands) $172.
He also explained that between April 2014 and January 2015, Petrotrin's capacity to produce LPG was stymied amid reports that its catcracker, which breaks down crude oil into various other products, was felt to be unsafe by Petrotrin's employees until it was examined by Lloyd's of London who declared that it was indeed safe.
However, he said, what locals did not know was that the country's LPG needs were met without an interruption from Phoenix Park Gas processors, which is really a company meant to produce for the regional market.
