Trinidad and Tobago’s Acting Prime Minister, Stuart Young, confirmed today that money has been paid to Venezuela as part of the agreement between the Trinidadian government, Shell, and Venezuela to develop the Dragon gas field.
Young clarified that he did not view these payments as financial support for the Venezuelan regime, despite ongoing political tensions surrounding Venezuela’s leadership.
Last May, Young disclosed that Trinidad and Tobago had been paying over US$1 million annually to Venezuela as part of the deal. This amount includes royalties, a special five percent commission, surface taxes, and social contributions, alongside a confidential signing bonus.
The development comes amidst recent U.S. sanctions targeting Venezuela. On Wednesday, U.S. President Donald Trump announced that he would revoke the license allowing Venezuela to export oil to the United States, citing Venezuela’s failure to accept deported citizens from the U.S. Trump also criticized the 2022 oil transaction agreement between the U.S. and Venezuela, claiming that the Maduro regime had not met the necessary electoral conditions.
Following Trump’s announcement, U.S. Senator Marco Rubio stated that he would provide foreign policy guidance to terminate all oil and gas licenses granted during President Biden’s administration, specifically calling attention to those that had “shamefully bankrolled the illegitimate Maduro regime.”
In response to these developments, Young expressed concern over the potential impact of the U.S. sanctions on Trinidad and Tobago’s Dragon Gas deal but stated that the government has yet to fully understand how these sanctions may affect the agreement. Young revealed that he had been in communication with U.S. officials and Shell to gather information and seek guidance on the matter.
Young also criticized Opposition Leader Kamla Persad-Bissessar for her criticism of Prime Minister Dr. Keith Rowley and Venezuelan President Nicolás Maduro, stating that the deal is not about political parties but about securing the nation’s energy future. He emphasized that the gas from this project, expected to start delivery in 2027, will be vital for strengthening Trinidad and Tobago’s economy.
While Young admitted he could not offer assurances regarding the outcome of the deal amid the evolving situation, he reassured that discussions with key stakeholders, including the U.S. and Shell, were ongoing to navigate the complexities of the deal in light of international pressures.
