(Trinidad Express) A pipeline project which aims to export natural gas from Trinidad and Tobago to other Caribbean islands has found new investors.
Eastern Caribbean Gas Pipeline Company Ltd (ECGPC) announced on Wednesday that Beowulf Energy of New York, USA, and private investment firm First Reserve Energy Infrastructure Fund (FREIF), with offices in Greenwich, Houston, Hong Kong and London, have acquired a majority ownership interest in the company which is developing a natural gas export pipeline from T&T to islands in the Eastern Caribbean.
In Phase I of the project, ECGPC will construct and operate a 300-kilometre natural gas pipeline from the Cove Point Estate in Tobago to Barbados. Phase II will involve extending the pipeline from Barbados to other islands.
“The pipeline is expected to significantly lower the cost of producing electricity in countries such as Barbados which rely primarily on fuel oil to produce electricity. The pioneering project will help reshape the regional energy market and reduce dependence on oil-based products,” ECGPC said.
ECGPC spokesman R Gregory Rich said, “The company is excited to have Beowulf and FREIF as majority project sponsors in this ground-breaking regional energy infrastructure project. The extensive energy infrastructure experience and substantial financial resources of Beowulf and FREIF will accelerate the implementation of this regionally important project, thereby creating long-term value for the company’s investors while delivering tangible financial and environmental benefits to the islands served by the pipeline.”
