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Letter: Trinidad & Tobago Legislation restrict Oil Companies from owning buildings

The Private Sector is taken back by the call of Minister of Natural Resources, Raphael Trotman, that local businesses must gear up for the opportunities being presented by the Oil & Gas Sector while addressing the GIPEX forum.
The honorable Minister must be reminded of the many calls from the Private Sector for local content Legislation as it relates to Oil Companies operating in Guyana to provide a policy framework to guide local investment decisions.

Even being a member of Cabinet would have inform him that investments are only made where there is certainty and profits to be made in the long term.

Asking the Private Sector to invest in what? With what safeguards? Already the Minister has silently allowed Exxon Mobil to lease 10 acres of land to build its Corporate office, an activity that in other countries are restricted to local investors.

Just across TRINIDAD & Tobago Legislation restrict Oil Companies from owning buildings, setting the stage for the Trinidadian Private Sector to invest in world class offices for Rental to oil Companies. This resulted in billions of dollars in investments in buildings in Port of Spain creating sustainable jobs, taxes and spin offs to the local economy.

Why is the Minister and the Government treating oils companies as spoil children, compromising the interest of the local private sector and our country?

Oil & and Gas is a finite resource and on which must be levied full “economic rent “ so that our people benefits. In the case of Trinidad, Oil Companies faced a strong Government committed to its people.

It remains to be seen how ours fear. Already by approving a sub-lease of 10 acres of land to Exxon to build its corporate office is a sellout. This would not give us much hope.
Patrick A. Adams

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