India buys $70m worth of LNG from Trinidad

April 2nd, 2010 - 12:59 pm ICT by IANS  

By Paras Ramoutar
Port-of-Spain, Apirl 2 (IANS) Trinidad and Tobago exported US$70 m worth of liquified natural gas( LNG) to India in 2007, according to Trade and Industry Minister Mariano Browne.

Browne told a T&T/India Trade seminar that this gas export contributed to a trade surplus between both countries for the first time in 11 years.

“Between 1998 and 2006, trade between our countries saw T&T running a deficit. IOn 2007, this changed due to the exportation of $70m worth of LNG to India. Our trade balance with India for the first time in 11 years reflected a surplus,” the minister said.

Browne said that while the dominant sector is oil and gas, the non-energy sector must become more robust. “That is why we negotiated an array of trade agreements. We represent the gateway to Latin America (for India), and this presents an unique investment opportunity for companies to locate here.”

Browne said there was new dynamism in trade emerging from countries in the South such as India, China and Brazil and Trinidad needed to tap into those markets as trade with North was “probably dying”.

Indian High Commissioner Malay Mishra also addressed the seminar and spoke of the need for a nw orientation for trade and business opportunities between India and Trinidad and Tobago.

(Paras Ramoutar can be contacted at paras_ramoutar@yahoo.com)

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