Government maintains renegotiated contracts with energy companies operating in Trinidad and Tobago have resulted in this country earning 2.7 billion TT dollars.
Prime Minister, Dr Keith Rowley, said there was a need to renegotiate contracts to ensure amid declining production and market prices citizens would benefit immensely.
Speaking at a news briefing held at the Diplomatic Centre, St Ann’s on Friday, Dr Rowley said the process was done not just for increased revenue but to avoid the country having to honour claims which would have been made against the National Gas Company.
The Prime Minister said the introduction of royalty tax resulted between October 2018 and August 2023 amount to 407 million US dollars or 2.762 billion TT dollars.