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US $1.9B AUM PROJECT
Energy Minister Carolyn Seepersad Bachan says the government has approved a capital investment of US$1.9B for the establishment of a second AUM Project.
Speaking at the post cabinet press briefing today, Minister Seepersad Bachan says Methanol Holdings Trinidad Limited is the preferred bidder for the project beating Yara and Energy Allied Trinidad Limited.
The downstream project is expected to be completed in just less than 4 years…during which a maximum of 3,500 jobs would be created.
The energy Minister says US$240M would be spent on local labour and services alone and she assures that local contractors will be fully utilised.
in May 2006, MHTL held the sod turning ceremony for the first AUM project and by October 2009 the project was completed.
Minister Seepersad Bachan says CLICO has 56.3% shares in MHTL which will be used for debt obligations.