Trinidad: Key gas project in Venezuela is not slowing down, despite US pressure

Trinidad Prime Minister Stuart Young stated on Thursday that companies planning an offshore gas project between Venezuela and Trinidad and Tobago have "not slowed down" their work despite increased pressure from the United States on Venezuela and uncertainty regarding the extension of the license for the project.

After talks with U.S. secretary of state Marco Rubio

is visiting

Young, who spoke to South American and Caribbean nations this week, said that the "landscape" is changing. He was referring the recent announcement by Washington of secondary tariffs for importers of Venezuelan gas and oil.

Shell and Trinidad National Gas Company were granted a license by the United States in 2023 authorizing a gas project located in Venezuelan water and with earliest production possible next year. The license is due to expire on October.

The United States have not committed to extending it, despite the fact that companies consider the extension essential for securing first output after a final decision on investment is made, which may come this year.

Young said that Trinidad's government will buy equipment from U.S. suppliers to boost energy security. He did not provide any details. (Reporting and editing by Chris Reese, Mark Porter and Marianna Pararaga)

(source: Reuters)