economy

Cabinet gives green light for new $500 million Tobago airport terminal

Finance Minister Clm Imbert has announced that the Cabinet has agreed to begin the construction of a new terminal building for the ANR Robinson Airport in Tobago, by the end of this year.

It's expected to cost $500 million, but the acquisition of property is not included in that figure.

He made the announcement at today's post-Cabinet media conference.

While the current terminal building is located at the start of the runway, the new terminal will be located at the end of the runway.

TTNGL's profits up 30.2%

Trinidad and Tobago NGL Limited’s (TTNGL) Chairman Gerry Brooks has announced another year of positive growth for the company with profit after tax increasing to TT$233.7 million.

This represents a 30.2% improvement over full year 2016 results.

In his statement for the summary financial results for 2017, earnings per share were recorded at $1.51.

Brooks added that these earnings are the consequence of a series of deliberate initiatives at Phoenix Park Gas Processors Limited (PPGPL) which have enhanced performance and shareholder value.

MV Britannia on 7th call to Tobago this season

The cruise ship MV Britannia has made its 7th and final call for the current cruise season to Tobago today, with 3,553 passengers on board.

The MV Britannia is the largest ship in P&O Cruises’ UK fleet with a capacity for 4,324 passengers and 1,398 crew members.

It made its maiden voyage to the island on December 14, 2017, and has brought 24,269 passengers to Tobago for the entire season.

EOG to ramp up production in T&T

Prime Minister Dr the Honourable Keith Rowley has met with a high-level delegation from EOG Resources at the Office of the Prime Minister, St Clair,.

The Office of the Prime Minister said the meeting was a follow-up to the Prime Minister’s visit to Houston last March, where he met with Chairman and CEO of EOG Resources, William Thomas and other executives at the energy company’s headquarters.
 
On this occasion William Thomas indicated to the Prime Minister that EOG was moving apace to ramp up production and they remain focussed on Trinidad and Tobago.

Still no clarity on how tax will be calculated

Caroni Central MP Dr Bhoe Tewarie says the Opposition wants to propose a number of significant amendments to the Property Tax Amendment Act 2018 and a moratorium on taxes because citizens are already overburdened.

Speaking at a press conference yesterday, Tewarie said this was the tenth tax measure levied on the population.

“The Minister of Finance presented this bill as if everything was fine and there was a consensus about it. I was certainly prepared to speak and I would have followed the AG if he had spoken,” Tewarie said of Friday’s debate on the bill.

NGC, CNC return to the table

The National Gas Company Limited (NGC) and Caribbean Nitrogen Company (CNC) have quietly returned to the negotiating table after a major stand-off that resulted in the NGC cutting off natural gas to the company and CNC taking the State-owned enterprise to the UK Court of Arbitration.

The stand-off earlier this year, led to the Government accusing CNC of trying to bully the NGC for gas and saying it is not a secret that NGC will have to pay significantly higher prices for gas in 2019.

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