Trinidad and Tobago’s economy is likely to improve over the next year, Prime Minister Keith Rowley said during a national address Sunday.
The minister said he attributes the bulk of the nation’s recovery to the agreement reached last year between the state officials and his Venezuelan counterpart President Nicolas Maduro.
Venezuela’s business initiative aspires to deliver the greater part of 500 million cubic feet of natural gas to Trinidad within the next five years, said Manuel Quevedo, Venezuelan Petroleum Minister and president of Petroleos de Venezuela.
The trade agreement was approved by both countries’ leaders in November despite the pressure and rising number of sanctions by the US Trump administration.
"With Trinidad we have been advancing the agreements to export our gas through the border fields, to use idle capacity and to remain there in Trinidad," said Venezuelan Oil Minister Eulogio Del Pino who added that the fine details of the agreement were still under review but would be finalized soon.
"Venezuela is moving forward, and I hope that by 2019, we will be completing the process of certification of gas on land and the high seas, which could be the fifth gas reserve on the planet." Maduro said in November, promising a bright future for his nation which has struggled to stabilize its economy in recent years.