The terms of the bilateral oil agreement between Trinidad and Tobago and Venezuela have been confirmed and signed, Venezuelan Deputy Minister of Gas, Douglas Sosa said Saturday.
During the 32nd meeting of the Forum of Gas Exporting Countries (FGEC) in Qatar, Sosa informed the international delegation that the two nations have finalized their contract which will significantly ease the Latin American country’s financial and economic struggles.
The Deputy Minister of Gas said, "The Bolivarian Republic of Venezuela and the brothers of the Republic of Trinidad and Tobago have achieved important advances in the integration of both nations through future natural gas import exchange from Venezuela’s Dragon field to Trinidad and Tobago.
"This new economic policy investigates new investments for the development of our natural gas reserves with attractive conditions," Sosa said.
The FGEC meeting was attended by representatives from the executive board of Algeria, Bolivia, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, and Venezuela as well as observers from Azerbaijan, Kazakhstan, and Norway.
Trinidadian representative Selwyn Lashley led the discussion which explored topics such as the 2019 agenda and budget, the upcoming ministerial meeting in Trinidad and Tobago, the fifth GECF Summit in Equatorial Guinea, a progress report on the construction of the Gas FGEC Research Institute in Algeria, and finally, an overview of global gas demand for the next 20 years.
The International Energy Agency (IEA) reported last week that petrochemical productions are likely to trigger the growth of the global oil demand over the next 20 years.