Senior Reporter
geisha.kowlessar@guardian.co.tt
T&T’s private sector has responded to the renewed US support for the Dragon Gas deal with a blend of gratitude and firm caution, stressing that the primary challenge—securing favourable terms with the Venezuelan government—now requires “superior negotiating skill” and immediate urgency.
Their comments follow Prime Minister Kamla Persad-Bissessar’s announcement that US Secretary of State Marco Rubio supported the approval of key Office of Foreign Assets Control (OFAC) licences, enabling formal discussions with Venezuela on developing cross-border hydrocarbon resources.
Business chambers, while commending the diplomatic breakthrough, are urging the government to pivot swiftly to the commercial and legal complexities of monetising the cross-border gas reserves.
Both the Amcham T&T and the T&T Chamber of Industry and Commerce highlighted the significance of US backing, which involved the renewal of the critical OFAC licences.
Amcham T&T specifically commended the administration, stating the move “reaffirmed T&T’s longstanding partnership and deep partnership” with the US and reflected a “shared commitment to energy security, economic growth and regional stability.”
It also expressed optimism that the Government would “engage with Venezuela and private sector entities involved, and prepare to monetise the assets in a manner that benefits the people of both countries.”
The T&T Chamber of Industry and Commerce acknowledged that cross-border gas is an “important component of T&T’s energy strategy,” requiring “coordinated diplomacy amongst countries, multinational, and state corporations.”
It noted that a “win-win outcome” for all stakeholders could be achieved through patience, resiliency and understanding.
Chamber leaders also emphasised the national economic urgency driving the project and detailed a negotiating mandate for the government.
Chaguanas Chamber of Commerce president, Baldath Maharaj, underscored that the additional gas from Dragon Field is “vital” for sustaining the economy.
With domestic natural gas production on the decline, he noted that additional supply from the Dragon field is vital for sustaining Point Lisas’ downstream industries, ensuring full operation of Atlantic LNG trains, and boosting exports of key commodities like methanol and ammonia—directly translating to increased revenue and foreign exchange.
“Whilst the reversal of OFAC was not discussed, we remain confident this was influenced by the strong US-Trinidad and Tobago relationship,” Maharaj said, adding, “To successfully finalise and monetise this project now depends on high-level negotiation with the Venezuelan government.”
Greater San Fernando Chamber of Commerce (GSFCC) President Kiran Singh, who also welcomed the news, advised measured optimism.
“US support does not automatically guarantee smooth implementation,” Singh cautioned stating, “The licensing process will come with conditions, and Venezuela’s cooperation remains essential. Trinidad and Tobago must therefore negotiate firmly to ensure the terms of the deal serve our long-term national interest.”
He also stressed the importance of managing public expectations, noting that major energy projects of this scale typically take years to deliver tangible results.
“Transparency, clear communication, and realistic timelines will be crucial to avoid public disappointment,” he added.
Singh further cautioned that Government should also prepare for shifting global politics, as US sanctions policy could change, noting that strong legal, economic, and diplomatic safeguards are needed to protect T&T from external shocks.
Greater Tunapuna Chamber of Industry and Commerce president Ramon Gregorio also believed the deal was not guaranteed, but said the prospects have improved.
“...Until all the legal, diplomatic, and technical hurdles are cleared, it remains a conditional ambition rather than a done deal. If I were advising, I’d say: welcome the optimism, but proceed with cautious realism. The ‘on’ status is promising, not definitive,” he added.
