Saturday, January 28, 2023

Caribbean’s top three state-owned energy companies enter pact in Suriname

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Paramaribo, Suriname – On Tuesday, Suriname and Trinidad and Tobago (TT) further deepened the partnership between their energy sectors with the signing of a Memorandum of Understanding (MOU) between Staatsolie Maatschappij Suriname N.V. and TT state-owned energy companies – Paria Fuel Trading Company Limited and Heritage Petroleum Company Limited.

Signed on the sidelines of the Suriname Energy, Oil and Gas Summit (SEOGS), the MoU establishes a framework for cooperation amongst the companies – dubbed the three top state-owned energy companies in the Caribbean region.

Trinidad’s Minister of Energy and Energy Industries, Stuart Young; Heritage’s Chief Executive Officer (CEO) Arlene Chow; Managing Director of Staatsolie Annand Jagesar and General Manager of Paria Mushtaq Mohammed signed the deal.

Representatives from the companies had initially met in November 2021 when a high-level delegation representing Suriname and its national oil company, Staatsolie, met with members of the leadership of Heritage and Paria, at Heritage’s Port of Spain, Trinidad office.

With the MoU signed, the three companies have committed to discussions on identifying mutually beneficial partnership opportunities under three broad areas – Exploration and Production (E&P); Trading and Marketing; and Environment, Social, and Governance (ESG).

The signing of the MOU also signals the start of the cooperation between the respective Energy companies as well as the forging of deeper relationships between the energy sectors of Suriname and Trinidad and Tobago.

Minister Young expressed that “as Caricom partners, Trinidad and Tobago and Suriname will work together to address the challenges to develop our energy sectors as well as those of our region.”

“Our countries have an important role to play in energy security for the region. I look forward to a fruitful relationship and I am pleased that discussions have already commenced among the parties,” he added.

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