News of a major development in the Government's efforts to secure the supply of natural gas from Venezuela to this country.
The licence that was a waiver of certain sanctions against Venezuela granted by the U.S. under the previous Biden administration, has now been revoked by under the U.S administration led by President Donald Trump.
However, the Prime Minster says there is still an opportunity to convince the U.S. to reverse its decision.
00:00We begin tonight with news of a major development in the government's efforts to secure the supply of natural gas from Venezuela to this country.
00:08Licenses that resulted from a waiver by the Biden administration of certain sanctions against Venezuela have now been revoked by the Trump administration.
00:17However, the prime minister says there is still an opportunity to convince the U.S. to reverse its decision.
00:23Jewel Brown reports. We have now been informed that our license from OFAC, which is dated the 18th of December 2023, has been revoked by OFAC.
00:38And that license is now revoked by OFAC as well as our Coquina mannequin license.
00:43The announcement by Prime Minister Stuart Young on Tuesday with regard to licenses granted by the former Biden administration in the U.S.
00:51that cleared the way for Trinidad and Tobago's deal for the supply of natural gas from Venezuela.
00:56The revocation of the licenses by the Trump administration comes some two weeks after Prime Minister Young expressed hope for continued progress for the drug and gas deal after his meeting with U.S. Secretary of State Marco Rubio.
01:08There is a process for, I wouldn't say appeal of this revocation, but there is a process for you to make an application for it not to be or for there to be amendments.
01:22And we are going to be engaged in that process on behalf of Trinidad and Tobago.
01:26I have also reached out to Mauricio Claver Caron, who is a special envoy, and put in a request for a telephone conversation with Secretary of State Marco Rubio.
01:40So was this a failure of the government, given its insistence of the need for gas from Venezuela, where petrochemical plants that operate locally is concerned?
01:49The answer is no.
01:51In fact, what was described to me by Secretary of State Rubio, as well as Mauricio, is the work that we had done prior has put our reputation and how we're respected with the United States administration in a very top-tier level.
02:08As he expressed hope about local natural gas production, the Prime Minister said there is a winding-down period for the revocation of the U.S. licenses, which he said is until May 27.
02:20TV6 News sought some clarification.
02:22My message to the population is we're going to continue.
02:52My message to the population is there's a winding period that we have immediately done what is responsible, and I have requested the necessary telephone calls and conversations with the decision-makers in Washington.
03:04I have every expectation that I will get that opportunity.
03:08I'm engaged with our lawyers in Washington.
03:11I expect that we will, in the interim, be utilizing the legal process to make our case as to why our license should not be revoked.
03:19In response to another question from TV6 News, the Prime Minister said that this new development means, quote, it prevents payment at this stage to the government of Venezuela, end quote.
03:30Jewel Brown, TV6 News.
03:32The TV6 People Meter, brought to you by XL Health TT, the official supplements of the CPS.
03:39Now, the story takes us to tonight's People Meter.
03:43We're asking, do you believe this country can convince the U.S. to let it continue the Dragon Gas deal?
03:50Well, in a statement a short while ago, the Energy Chamber says the revocation of the two special OFAC licenses by the U.S. is disappointing news, but not unexpected,
04:12given the cancellation of other general and special licenses for companies working in Venezuela.
04:19However, the Energy Chamber believes it is important that the government continues to engage actively with the governments of the U.S. and Venezuela
04:26to find a mechanism to pursue the significant economic opportunity of pipeline gas from Venezuela for processing and onward sales to international markets as LNG or petrochemicals.
04:39The Energy Chamber further says there are significant opportunities to develop natural gas fields within this country's exclusive economic zone that must also be pursued urgently.
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