Friday 17th December, 2004

T&T, Algeria sign MOU

T&T and Algeria yesterday signed a memorandum of understanding which will see the two countries co-operating on natural gas development.

The agreement, signed yesterday between the National Energy Corporation and Algerian state-owned energy company Sonatrach, commits the two countries to cooperate on:

• oil and gas exploration and production;
• business ventures on natural gas and LNG;
• development of LNG trains in either country and elsewhere;
• LNG shipping development;
• LNG marketing; and consultancy, research and development and training.

Algerian Energy Minister Dr Chakib Khelil led a team to T&T which held talks with T&T officials and also toured Labidco, Atlantic LNG and Pt Lisas.

The MOU establishes a joint committee in charge of several technical cooperation groups.

Both Algeria and T&T are members of the group of gas exporting countries and Khelil said the MOU is important to countries’ efforts to secure their best interests.

“If the other players are coordinating among themselves then we as producing countries need to coordinate among ourselves,” Khelil said, referring to international energy companies.

Algeria was the first country to produce LNG and is the second largest producer, accounting for about 17 per cent of the world’s production.

UAN plant coming

Government yesterday also signed an agreement with US company Coffeyville Resources for a new ammonia urea nitrate UAN plant at Union Estate, La Brea. The plant, which will have a US$420 million price tag, will produce 2,200 metric tonnes of ammonia and 2,900 metric tonnes of UAN and year.

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