PM Rowley: T&T Lost Billions In Potential Revenue Due To Transfer Pricing

Prime Minister Dr. Keith Rowley says Trinidad and Tobago lost billions of US dollars in potential revenue from LNG exports, due to transfer pricing.

In his remarks at the Sixth Summit of Heads of State and GECF, he said this country’s 2015 Gas Master Plan Report prepared by UK Consultants Poten and Partners confirmed the loss. Dr. Rowley said the Government has been having dialogue with companies to ensure a more equitable sharing of LNG revenues.

The Prime Minister said the experience of the Forum, which possesses 70% of the world’s proven gas reserves, 44% of its marketed production, 52% of pipeline, and 51% of LNG exports in the world, is formidable and can be of immeasurable benefit to members.

The Prime Minister said global gas and LNG markets have been undergoing structural changes, fluctuating between periods of convergence as well as divergence when oil prices are high.

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