Page 59: of Maritime Reporter Magazine (August 2016)

st

The Author 1 Meeting on Maritime Sector Development

Brea Shipyard, set to be completed in

Ready to set strategic targets to ensure the development and growth of the 2018 is also in close proximity to the

Maritime Sector, the ? rst meeting of the Standing Committee for the develop- well-established Atlantic LNG four- ment of the Maritime Sector was held on Wednesday June 22, 2016 at the Min- train liquefaction plant, which recently istry of Trade and Industry. The Committee, which will report to Cabinet every celebrated its 3,000th cargo shipment three months, has been established to direct the development and implementa- from its Port Fortin Terminal, since its tion of initiatives for the expansion of the maritime sector under the chairman- very ? rst shipment to Boston in 1999, ship of the Honourable Franklin Khan, Minister of Rural Development and by the 125,000 cu. m. LNG carrier Mat-

Local Government. thew. The Atlantic LNG processing fa-

Addressing the members of the committee at the ? rst meeting, Minister Khan cilities are also set to process additional said. “If Maritime is one of the key sectors to manage the country’s budget natural gas from the giant 10.25 trillion de? cit then we must start bringing projects on stream to have the impact that cu. ft. Loran-Manatee ? eld, which lies we want. We must begin to think about a post energy Trinidad and Tobago. The along the Venezuelan and Trinidad and revenue stream from the energy sector can no longer support our country’s cur-

Tobago maritime borders.

rent trend of $50 and

With the expansion of the Panama $60 billion budgetary

Canal now a reality, and the anticipated expenditure plans. hemispheric increase of LNG exports

Our debt to GDP ra- from the U.S. and Point Fortin, Trinidad,

Wilfred de Gannes is Chairman & CEO, tio still allows latitude both requiring additional LNG shipping

Shipbuilding & Repair Development for borrowing. How- capacity, the shipbuilding and repair

Company of Trinidad and Tobago Limited ever there is need for sector looks promising, and is poised to (SRDC). industries that can be the premier diversi? cation strategy pick up the slack.” for Trinidad and Tobago, away from the energy sector.

www.marinelink.com 59

MR #8 (58-65).indd 59 8/2/2016 2:57:54 PM