LNG exporter Trinidad & Tobago cuts 2015 budget, citing low oil prices
By ALEEM KHAN
Bloomberg
Trinidad & Tobago will cut its $10.2 billion budget for this year as the tumble in energy prices hits the world’s sixth-biggest exporter of liquefied natural gas (LNG).
The government faces a 7.4 billion Trinidad dollar ($1.2 billion) shortfall in revenue this year after oil prices fell by about half since June, Prime Minister Kamla Persad-Bissessar said in a nationally-televised address.
Some infrastructure projects will be canceled while other savings will come from lower gasoline subsidies, she said, without providing details.
“We shall navigate safely though these turbulent times,” Persad-Bissessar said.
The government had originally calculated its budget assuming an oil price of $80/bbl, more than the about $49/bbl price of crude today.
The lower price means that Trinidad’s government estimates it will have a fiscal deficit of about $700 million, Persad-Bissessar said.
- RWE strengthens partnerships with ADNOC and Masdar to enhance energy security in Germany and Europe
- TotalEnergies and Mozambique announce the full restart of the $20-B Mozambique LNG project
- Five energy market trends to track in 2026, the year of the glut
- Venture Global wins LNG arbitration case brought by Spain's Repsol
- KBR awarded FEED for Coastal Bend LNG project
Comments