Minister of Economic Affairs, Empowerment, Innovation, Trade, Industry and Commerce, Dr. David Estwick????
Negotiations on the proposed importation of natural gas by pipeline from Trinidad are slated to begin at month-end.
Following a Cabinet decision on Thursday, February 18, the initiative is in keeping with Government’s thrust to transform the Barbados economy from fossil fuels to one that was driven by natural gas.??
Minister of Economic Affairs, Empowerment, Innovation, Trade, Industry and Commerce, Dr. David Estwick, will lead the Barbados negotiation team’s effort to hammer-out a number of accords, including a Harmonised Inter-Govermental Agreement (IGA), a Host Government Agreement and a clearly defined formula for a tariff reduction to Barbados, when countries such as Guadeloupe, St. Lucia and Dominica utilise the pipeline.
In explaining the significance of the natural gas pipeline, Dr. Estwick said: "The importation of natural gas by pipeline is expected to significantly reduce Barbados’ annual fuel import bill and generate substantial savings throughout the economy.
"It will provide significant economic and social benefits, including consumer savings and reductions in the country’s fuel import bill, while impacting positively on the island’s balance of payments."
The Minister of Economic Affairs also maintained that in an environment of volatile crude oil prices and the negative impact on the balance of payments, money could be saved through the importation of natural gas.?? firstname.lastname@example.org