Oct 2015 Financial News

New Japanese ambassador optimistic on energy project

Oct 12, 2015

Newly appointed Japanese Ambassador to T&T Mitsuhiko Okada is optimistic about a return on investment from a large-scale energy joint venture between T&T and Japanese companies although energy prices are still in negative territory.

Speaking at a welcome reception at his residence in St Clair, Okada said: “Our economic ties have been robust in the energy sector with the presence of a Japanese company in T&T in the area of power generation and more recently, a group of Japanese companies which have embarked on a large-scale project in the downstream industry of natural gas a La Brea. Development of the downstream industry will surely contribute to job creation, as well as economic diversification in T&T.”

He was referring to a project development agreement between a Japanese-led consortium comprising Mitsubishi Gas Chemical Company Inc, Mitsubishi Corporation and Massy Holdings Ltd for establishment of petrochemical plants for production of methanol and dimethyl ether (DME) at Union Industrial Estate, La Brea.

A joint venture company, Caribbean Gas Chemical Ltd, was formed to undertake Phase I of the project, with capital expenditure of US$850 million.

With respect to cultural exchanges the ambassador spoke about first International Panorama Competition hosted in T&T in August in which Panorama Steel Orchestra, a group of 60 Japanese pan players

Okada also noted shared concerns about climate change which Foreign and Caricom Affairs Minister Dennis Moses addressed at the 70th Session of the United Nations General Assembly Meeting in New York last week.

“We have been experiencing an increasing number of extreme weather events around the world. Just one and a half months ago, we witnessed the devastating flooding in Dominica, with Japan quickly responding to their emergency needs. And then, just two weeks later, Japan was itself struck by heavy rainfall, resulting in a flooding disaster. Following that disaster, I was heartened by the warm messages of sympathy from Caricom member states,” he said.

“This sequence of recent events is another example of the climate change problem that all of us have to cope with and join together to confront. Japan, with its experiences in disaster management and mitigation, will continue to show solidarity with vulnerable island states in the Caribbean and extended support to them accordingly. Economic diversification, renewable energy and the mitigation of climate change are just some of the areas that we can co-operate on.”

Source:
Sean Nero
Trinidad Guardian
R03;Monday October 12, 2015

http://www.guardian.co.tt/news/2015-10-12/new-japanese-ambassador-optimistic-energy-project