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Wednesday, May 12, 2021

T&T, China governments partner on ship facility construction

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Trinidad and Tobago’s CNC3 is reporting that the government of the oil producing Caribbean nation is working closely with the Chinese government to build a ship servicing facility there as part of an initiative to diversify the economy away from oil and gas.

CNC3 reported that Trinidad and Tobago Prime Minister Dr Keith Rowley made the announcement on Monday May 13, 2019 at a contract signing ceremony for a new central block of the Port of Spain General Hospital.

The facility is likely to be built in La Brea. The facility will cater to marine traffic passing close to the twin-island Republic on their way to or from the Panama Canal.

According to the report, Rowley said that the project must be looked as a priority due to the difficulties the country is currently faced with financially.

“We are best with the geographical location that makes such offerings acceptable and competitive,” Dr Rowley said, according to the CNC3 report.

The prime minister told the ceremony that the government’s conversation with the Chinese government involves equity partnership.

Noting that the engagement with China speaks about an equity partnership, Dr Rowley said, “While we are happy to have Chinese contractors come and build we have gone beyond that. We would want such building done in equity so that they will remain to ensure the success of the project by holding equity.”

The report said too that according to the PM, the Chinese offered 25 percent equity participation but revised it upwards after the Trinidad and Tobago government thought it was too low an offer.

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