Acting Prime Minister Stuart Young says he cannot guarantee the survival of the Dragon gas deal with Venezuela.
But if it fails, he will continue to fight for Trinidad and Tobago as its future leader, he said.
On Wednesday, United States President Donald Trump announced he was revoking the licence allowing the Venezuelan government to export oil to the United States, citing Venezuela’s failure to take back its deported nationals.
Trump posted on Truth Social: “We are hereby reversing the concessions that Crooked Joe Biden gave to Nicolás Maduro, of Venezuela, on the oil transaction agreement, dated November 26, 2022, and also having to do with electoral conditions within Venezuela, which have not been met by the Maduro regime.”
Hours later, Rubio stated on X that he will provide foreign policy guidance to terminate all Biden-era oil and gas licences “that have shamefully bankrolled the illegitimate Maduro regime.”
Young chaired the Cabinet meeting yesterday and then held a media conference at Whitehall, Port of Spain.
Young is acting Prime Minister while PM Dr Keith Rowley and his wife, Sharon Rowley, are in California, USA.
They left the country yesterday on a private trip, the Office of the Prime Minister said in a release.
No date of return was announced.
Young acknowledged that the Trump administration’s actions immediately prompted him to engage with United States Embassy officials in T&T, as well as energy companies Shell and BP, to seek clarity.
“At this stage, there has been no indication of any negative effect on Trinidad and Tobago,” he said.
However, he admitted that predicting future US government decisions was impossible.
Young stressed that the Dragon deal was crucial for T&T’s energy security, Caricom’s stability, and geopolitical relations with other nations.
“Can we provide any assurance at this stage? The answer is obviously no. Are we engaged with the right people? We believe we are,” he said.
He condemned Opposition Leader Kamla Persad-Bissessar’s “attack” on Rowley, stating that the gas deal with Venezuela was for the benefit of all citizens, not for the PNM or UNC.
Young emphasised that the gas supply expected by 2027 would help secure foreign exchange, pay the country’s bills, and ensure adequate healthcare and education.
He warned that calls for sanctions and attacks on the Venezuelan government could harm T&T’s interests, questioning what would happen if a future government had to do business with Maduro after openly opposing him.
“That kind of behaviour can lead to the closing of doors,” he said.
Dragon payments
Young also fielded multiple questions about the volatility of the Dragon gas deal.
He was asked whether the Government or any international partners had “bankrolled” the Venezuelan government, as suggested by Rubio.
Young clarified that T&T has a 30-year commercial agreement with Venezuela for the Dragon gas field and another for the Cocuina-Manakin field.
He explained that until gas production begins and royalties are paid, T&T is not making any significant payments to Venezuela.
Pressed on whether the Government, BP, or Shell had made any payments to the Venezuelan government, Young stated that the question was different from asking if the Government had “bankrolled” Maduro’s administration.
“The answer is yes, payments have been made with respect to Dragon,” he admitted, but said he could not disclose specific amounts, as those payments were handled by Shell and the National Gas Company.
He explained that in the oil and gas sector, payments are customary when licences are signed.
When asked whether the Maduro administration had responded to Persad-Bissessar’s remarks, Young said he could not comment out of diplomatic courtesy but noted that during previous trips to Venezuela, there was a “level of concern”.
He accused the Opposition of standing in Parliament and insulting Maduro, whom he described as a “world leader”.
Young confirmed that within the last 24 hours, he had been in contact with the Venezuelan government’s leadership.
When asked what the Government’s position would be if the US terminated the OFAC licences for the Dragon and Cocuina-Manakin gas deals, Young said, “We will continue to be engaged, as we have done before.”
He noted that despite past rhetoric declaring “Dragon was dead” the Government had secured a 30-year licence.
“I can assure the people of Trinidad and Tobago, both in my current role and in my future role, that I will fight for this country. I will do everything I can to advocate for T&T, regardless of what happens. It could happen in 24 hours, in two weeks, or not at all, but I will not give up—that is not what leadership is about,” he said.
Young said T&T was “fortunate” to have Shell as a partner, as it is the world’s largest LNG trader.
He also noted that BP on Wednesday spoke of a “reset” in T&T’s favour.
He highlighted that both companies often operate in regions affected by conflict and remain engaged in the process, using their leverage alongside the Government’s efforts.
When asked if the gas deals could proceed without OFAC licences, Young responded, “You want to join others in trying to get me sanctioned or something?”
He said legal advice would be sought on the matter.
On whether the absence of a US Ambassador in T&T posed challenges, Young said this was part of the normal transition during a government change. He assured that the Government remains in “constant contact” with US Embassy personnel, who provide guidance.
He said the Government would soon roll out its diversification plans, assuring that T&T was not relying solely on Dragon gas.
Young highlighted the Loran-Manatee gas field as another lucrative opportunity, though he said Dragon would provide a “boost” to production levels.
When asked if he had sought a direct meeting with Trump or Rubio, Young said, “At the appropriate time, those requests will be made. We are putting things in place for deeper discussions.”
