Government To Provide Urgent Subvention To Lake Asphalt, Says Energy Minister Stuart Young.

Government To Provide Urgent Subvention To Lake Asphalt, Says Energy Minister Stuart Young.

The Minister of Energy and Energy Industries has urgently sought and obtained Cabinet’s approval to be able to provide Lake Asphalt Trinidad and Tobago with subventions to assist it in the payment of its expenses, including, the payment of its workers.

According to the Ministry of Energy and Energy Industries, this is the second intervention by the Government in 2021 to provide subventions to Lake Asphalt in order that it can meet its obligations to its workforce.

A media release issued on Tuesday stated that Ministry of Energy and Energy Industries personnel have communicated with the Ministry of Finance to prioritise the payment of the subvention.

It went on to say that the Government, via the Ministry of Energy and Energy Industries, is currently looking at how Lake Asphalt can become self-sustainable as it is not acceptable for the company to continue depending on subventions from the Treasury to cover its wages and expenses.

Energy Minister Stuart Young has prioritised the pursuit of the plans to make Lake Asphalt self-sustainable and intends to approach the Cabinet shortly with proposals along these lines.

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