T&T SHIPBUILDER & REPAIR NEWS
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ISSUE #022 – JULY 2009.
T&T SHIPBUILDING & REPAIR (S&R) CLUSTER
Diversifying our Economy, one Ship at a time©... Hello S&R Stakeholders, Maritime Industry Mentorship Programme 2009. Our S&R Cluster will be heavily involved in this year’s programme where our Stakeholders will explain and showcase their S&R products and services to some fifty (50) Mentees between the ages of 15 and 17 years. This much anticipated holiday programme commences on July 24th with an orientation session. We will keep you fully posted in our special upcoming issue. Trinidad Dry Dock Company Moves Ahead with Guyana and Trinidad Shipyard Projects. In this issue, we feature the South Trinidad Chamber of Industry and Commerce (STCIC) Energy Luncheon held on June 25th 2009 at the Cara Suites Hotel, located Claxton Bay, South Trinidad. This event labeled ‘Business Opportunities with Proposed Dry Dock Centre’ was well attended by members of the STCIC and other invited guest. Featured presentations were undertaken by Etienne Mendez - Chairman and Chief Executive Officer of the Trinidad Dry Dock Company. Project presentation was shown with remarks by Director David Fraser and also a look at the financial map, outlining the US$1.3+ billion financing programme required for these two dry docking facilities was undertaken by S. Hardee – CEO of Hardee Brothers, LLC. T&T Government Looks To Assist St. Vincent and the Grenadines with Shipyard. As a means of helping our fellow CARICOM Island states which are experiencing great economic hardship, the Government of the Republic of Trinidad and Tobago (GoRTT) is exploring the possibility of further developing the ship repair industry in St. Vincent and the Grenadines. It is anticipated that this will assist in developing their local ship repair skill set, while providing meaningful long terms jobs and fostering much needed inward investments. Have a great and safe holiday everyone! Sincerely, T&T Shipbuilding and Repair Cluster.
Wilfred de Gannes. Deputy Leader.
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ISSUE #022 – JULY 2009.
SOUTH TRINIDAD CHAMBER HOST TRINIDAD DRY DOCK COMPANY On June 25th 2009, the South Trinidad Chamber of Industry and Commerce (STCIC) invited members and VIP guests to attend their Energy Luncheon at Cara Suites Hotel, Claxton Bay to learn of business opportunities available from “Sullivan Island”, the proposed US$1.3 Billion graving dock complex, to be built offshore Sea-Lots, Port of Spain. This huge undertaking is by the Trinidad Dry Dock Company Limited, lead by its Chairman and CEO Etienne Mendez, which will also build a similar operation in Guyana.
The proposed dry docking complex which has been granted government approval to proceed, will take advantage of Trinidad and Tobago’s location and the global demand for maintenance of cargo vessels.
The Introductory Address was delivered by Etienne Mendez, who stated that Trinidad Dry Dock Company Limited was established and registered in 2004, for the primary purpose of developing the dry docking industry in the Western Hemisphere, where a significant gap exists between the supply of dry docking slots and potential demand. Given Trinidad and Tobago’s importance in supplying the LNG, methanol and ammonia needs of several countries, energy cargo ships always circumnavigate our waters. Dry docking services are to be established in both Trinidad and in Guyana and will provide ship owners and ship management companies an opportunity to maintain their fleets and also collect their precious cargoes. Trinidad and Tobago is directly in the middle of the world’s shipping lanes and an estimate of 40,000 voyages each year pass within 10 nautical miles of the country on their way to the United States of America or the Panama Canal. Continued on Page 4 Page 3 of 19
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ISSUE #022 – JULY 2009. Trinidad Dry Dock Director, David Fraser mentioned in his video presentation that there are only 13 facilities in the western Atlantic, which can accommodate such vessels. The world’s merchant marine fleet now numbers upwards of 45,000 ships. The total dry docking capacity of the entire western Atlantic is approximately 235,000 square metres. The “Sullivan Island” Dry Docks will add approximately 40% additional capacity to the Hemisphere and these figures do not include demands by the US Navy, NATO and European Navies and Coast Guard. L-R: S. Hardee – CEO of Hardee Brothers, LLC sits with Trinidad Dry Dock Company Ltd., Board of Directors which includes D.Bacchus,G.Bethancourt with Etienne Mendez Chairman & CEO. Dr.Thackwray Driver – STCIC CEO and other Trinidad Dry Dock Co. Directors George Fraser, and David Fraser at the commencement of proceedings at the Jacana Room, Cara Suites Hotel, Claxton Bay on June 25th 2009.
R-L: Dr.Thackwray Driver – CEO of the South Trinidad Chamber of Industry and Commerce (STCIC) addresses the gathering at the start of the Energy Luncheon presentation. Seated at the Head Table is Etienne Mendez – Chairman and CEO of Trinidad Dry Dock Co. Ltd, David Fraser – Director of Trinidad Dry Dock Co. Ltd. and Sidney Hardee -CEO of Hardee Brothers, LLC.
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ISSUE #022 – JULY 2009. L-R: Taylor Deng – Chair Secretary of the Caribbean Regional Agency / Business Development – China Guangzhou International Economic & Technical Cooperation Co., Kwok Keung Chow – Sales Manager, China Guangzhou International Economic & Technical Cooperation Company with Wilfred de Gannes – S&R Deputy Leader, B. Coutain and Jason Gokool – Senior Investment Advisor, Republic Securities enjoy lunch. Etienne Mendez Chairman & CEO gives the Introductory Address.
Watch Video: “Introductory Address by Mr. Etienne Mendez - Chairman” http://www.youtube.com/watch?v=mC6M5H72Kx0 ************************
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ISSUE #022 – JULY 2009.
“FAR SAMSON” WINS ‘SHIP OF THE YEAR’ AWARD
The ‘Ship of the Year’ awards was presented to Farstad Shipping, Rolls-Royce Marine and STX Europe on June 11th the OSJ Conference at Nor-Shipping, which took place at Thon Hotel Arena, Lillestrom, Norway.
The most powerful offshore vessel ever built - “Far Samson” (built 2009) which was designed by Rolls-Royce and built by STX Europe for Farstad Shipping in Norway, has been awarded Offshore Support Journal’s (OSJ) ‘Ship of the Year 2009’ Award. Rolls-Royce developed the design of the UT 761 CD working closely with Farstad to meet the terms of a long term charter contract. “Far Samson”, which was formally named and delivered in March, has demonstrated a continuous bollard pull of 423 tonnes using all available power and more than 377 tonnes using her main propulsion system. Apart from its world record-breaking bollard pull, “Far Samson” is an innovative vessel in many respects, and incorporates a wide range of new technology. Continued on Page 8 Page 7 of 19
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ISSUE #022 – JULY 2009. The vessel is a truly multifunctional offshore vessel and is capable of carrying out heavy ploughing operations for pipes and cables on the seabed, as well as subsea installation work in ultra deep water, along with towing, deploying ROVs and conducting a range of subsea operations. The vessel can cut trenches in the seabed in water up to 1,000 meters deep. At 121.5 meters in length with a 26 meters beam, “Far Samson” also has an ice-strengthened hull to Ice Class 1B, and is capable of more than 19 knots. The vessel also benefits from an innovative hybrid propulsion system combining diesel-electric and diesel mechanical transmission, which provides optimal operating flexibility, fuel economy and reduced exhaust emissions. The diesel engines on board meet Clean Design class rules and catalytic converters are also fitted to the generator sets, giving a 95 per cent nitrogen oxide (NOx) reduction.
“FAR SAMSON” LISTED SPECIFICATIONS
Name: Far Samson Type: 639 - Multi Purpose Offshore Vessel IMO No: 9400497 Yard: STX Norway Offshore AS, Langsten Flag: Isle of Man GT (ITC 69): 15,620 Owner: Farstad Construction AS NT (ITC 69): 4,687 Class Notation: 1A1 Tug Supply Vessel Basic SF COMF-V(3)C(3) HELDK-SH CRANE DEICE E0 DYNPOS-AUTRO NAUT-OSV(A) CLEAN DESIGN DK(+) BIS TMON ************************
ABOUT FARSTAD SHIPPING
Farstad Shipping ASA is a major international supplier of large, modern offshore support vessels. The company's main office is located in Aalesund on the North West coast of Norway. In addition they have offices in Scotland, Australia, Singapore and Macaé, Brazil. Through a joint venture they also have a presence in Angola. The total number of shore personnel is 150 and the number of sailors is approximately 1,450. Farstad Shipping has a fleet of 54 vessels and currently has 3 vessels under construction. In 2008 their income was earned in the following markets: 16.0% in Norway, 14.0% in the UK, 45.0% in the Far East/ Australia, 19.0% in Brazil, 6.0% in West Africa and Mexico. Never spend your money before you have it. - Thomas Jefferson (1743 - 1826)
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ISSUE #022 – JULY 2009.
INTERNATIONAL NEWS Brazil to Help Finance Cuban Port Project - July 9th 2009 Brazil said it would give Cuba up to $300 million in credits to start rebuilding the island's port of Mariel, better known as the site of a 1980 Cuban exodus to the United States. Brazilian Industry and Trade Minister Miguel Jorge said $110 million had been approved by his government and the rest would likely be, as Brazil strengthens its ties with communist-led Cuba. He said in a news conference that construction, to be led by a Brazilian company, would begin "very soon" with the building of infrastructure including highways and a railroad for the port about 30 miles (50 km) west of Havana. Brazilian officials said Cuba expects the entire port project, which will be built in several phases, to cost up to $2 billion. The first phase is projected to take four or five years to complete and cost $600 million, they said.
US$17.1 million in U.S. Shipyard Grants Awarded - July 9th 2009 The U.S. Department of Transportation’s Maritime Administration today announced $17.1 million in grants to 14 small shipyards in 10 states. The grants are part of the Assistance to Small Shipyards program. “Small shipyards are vitally important for the health of the maritime industry, and for the nation’s economy,” said Secretary of Transportation Ray LaHood. The purpose of the grants is to make capital and infrastructure improvements that facilitate the efficiency, competitive operations, and quality in ship construction and repair. Small shipyards fall into two categories: those with fewer than 600 employees, and those with between 600 and 1,200 employees. All but two of today’s recipients have fewer than 600 employees.
Singapore Offshore Sector Turnover Up 18 Percent in 2008 - June 29th 2009 The growth of Singapore’s marine and offshore led the way in the nation’s maritime sector in 2008. According to the Association of Singapore Marine Industries (ASMI), Singapore’s marine and offshore sector produced a turnover of US$10.68 billion last year, an increase of 18 percent from US$9.05 billion in 2007. Conversely, the ship repair and conversion sector reported a six percent decrease in output because yards in Singapore have focused on higher-valued offshore rig projects. ASMI President Michael Chia said that the industry outlook looked “cautiously optimistic”. “The Energy Information Administration expects lower global oil consumption in 2009 to be lower than 2008 and a modest recovery in 2010,” he said. He added that the global financial slowdown would cause delays in new rig orders until the economy recovered. Continued on Page 10 Page 9 of 19
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ISSUE #022 – JULY 2009.
CSSC Earmarks US$1.5 Billion for New Shipyard - June 29th 2009 State-owned Chinese shipbuilder China State Shipbuilding Corporation is planning to invest up to Yuan 10 billion (US$1.5 billion) to build a shipyard in Zhongshan, Guangdong province. The project is located adjacent to the Zhongshan Industrial Development Zone, with a total land area of 4,800 acres. The project is expected to generate as much as Yuan 30 billion in revenues for CSSC per year once it is fully operational. Zhongshan Industrial Development Zone deputy managing director Zhou Xi said the shipyard is the key project for CSSC in Guangdong because the province is a major shipbuilding hub in southern China. CSSC has a strong presence in Guangzhou - the capital city of Guangdong province. Guangzhou Shipyard International, Guangzhou Huangpu Shipyard and Guangzhou Wenchong Shipyard are all under the umbrella of CSSC. "The project will be developed in phases, with the first phase scheduled for operation as early as the first half of 2010," Zhou said. The first phase of the shipyard is designed for block assembly and the second phase will be used for building containerships, ropax vessels, tankers, chemical tankers and offshore vessels of up to 100,000 dwt.
Jamaican Fleet Grows - June 27th 2009 The Jamaica Registry has set itself the target of reaching 1 million gt within the next four years. Currently there are 68 merchant vessels and 664 small craft registered under the Jamaica Flag which equates to a tonnage of 264,392 gt. The Jamaican Flag is said to be enticing European owners to its register. Over the first quarter of 2009 the Flag has added 35,669 gt through the signing of six new German-owned and managed container vessels. The registering in Cartagena of the CFS Palencia represented the completion of the signing under the Jamaica Flag of the whole CFS fleet, owned and operated by the Harren & Partner Group. Harold Kropp, the Jamaica Ship Registry's German Deputy Registrar, said: "We think this is the beginning of a close partnership between the Jamaica Ship Registry and German shipowners and we expect further tonnage to join us later this year." Over recent months the Jamaica Ship Registry has been strengthening its network of regional offices as well as offering enhanced services to its owners. New measures include a cadet scheme whereby the register assists owners in placing cadets from the Caribbean Maritime Institute on their ship and a lay-up scheme where the Registry is able to offer assistance with crewing.
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T&T SHIPBUILDER & REPAIR NEWS ISSUE #022 – JULY 2009.
US WARSHIP BECOMES FLORIDA REEF It took US$8.6 million (£5.3 million) and more than ten years to prepare the USNS “General Hoyt S.Vandenberg” (built 1943) for its big day. Yet when the time came, it was all over in less than two minutes. In an emotional ceremony witnessed by US Navy and Air Force veterans, the Second World War troop ship and Cold War missile tracker was holed by explosives and sent to the ocean floor seven miles off the Florida Keys yesterday to start a new life as the world’s second largest artificial reef. Since its decommissioning in 1986, the 17,250-ton “General Hoyt S. Vandenberg” had spent years rusting at its moorings on a river in Virginia as part of the US Maritime Administration’s “ghost fleet”. Its sinking is seen by maritime enthusiasts as a glorious finale to its 66-year story. “Not only will it be the second largest ship in the world intentionally sunk to become an artificial reef, but it is of huge historical significance,” said Morgan McPherson, the Mayor of Key West. Kept in position by four eight-ton anchors, the 523ft ship now rests on the seabed at a depth of 140ft — where it is expected to become a magnet for marine life and for divers, drawing some of the traffic away from natural coral reefs in the area. Within six months, the “General Hoyt S.Vandenberg “ should be covered with plants and invertebrates that will help to grow the food chain for fish such as grouper, snapper and barracuda. Fish are expected within hours and recreational divers could be allowed as soon as today or tomorrow, once experts confirm that the vessel has settled properly. Coral and sponges will take longer to colonize the wreck — possibly years. USNS “General Hoyt S. Vandenberg” (T-AGM-10) underway. She was originally USS General Harry Taylor (AP-145)
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ISSUE #022 – JULY 2009. The City of Key West estimates that the ship’s presence will also stimulate the local economy by an annual $8 million (£5 million) as divers come from around the world to explore the underwater spectacle, generating extra revenue for businesses such as hotels, restaurants, boat charters and dive shops. The bulk of the project’s time and cost has been spent in stripping the vessel of environmental hazards and contaminants — one million feet of electrical wiring, 193 tonnes of potentially cancer-causing substances, 1,500 gaskets, 46 tonnes of rubbish and loose parts, 71 cubic yards of asbestos, 300lbs of mercury and 10,340 gallons of paint chips. The work took 75,000 man hours. The plan came close to capsizing last year when sub-contractors cleaning the ship took legal action over $1.6 million in unpaid bills, prompting a judge to order that the “General Hoyt S. Vandenberg” be sold to the highest bidder for scrap. The City of Key West and Florida State officials put together a rescue plan and bought it back at auction. The “General Hoyt S. Vandenberg”, originally named “USS General Harry Taylor”, first saw duty in 1944, ferrying American troops to the Pacific and, after the war, in bringing soldiers and Holocaust survivors out of Europe. Ownership was transferred to the air force in 1961, when it was for eavesdropping on Russian missile launches during the Cold War and tracking US missile launches and NASA space missions including the Apollo moon flights. Watch Video: “Sinking of the USS Hoyt S. Vandenberg in Key West, Florida” http://www.youtube.com/watch?v=2Hw4pGOKMOk
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MARITIME PHOTO OF THE MONTH Now you can share your personal industry-related photos with Trinidad and Tobago Shipbuilder and Repair News. Send your photos, along with a short description, to TTSR Deputy Leader Wilfred de Gannes degstt@hotmail.com and your photo could be the next Maritime Photo of the Month. ************************
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T&T SHIPBUILDER & REPAIR NEWS ISSUE #022 – JULY 2009.
STATOILHYDRO TO BUILD 1ST OFFSHORE FLOATING WIND TURBINE StatoilHydro has decided to build the world’s first full scale floating wind turbine, Hywind, and test it over a two-year period offshore Karmøy. The company is investing approximately 400 million NOK. Planned startup is autumn 2009. TECHNICAL DATA Wind Turbine Generator: 2,3 MW Turbine weight: 138 tonnes Turbine height: 65 m Rotor diameter: 82.4 m Draft hull: 100 m Displacement: 5,300 m3 Diameter at Water Line: 6 m Diameter Submerged Body: 8.3 m Water Depths: 120 - 700 metres Mooring: 3 lines The project combines known technology in an innovative way. A 2.3 MW wind turbine is attached to the top of a so-called Spar-buoy, a solution familiar from production platforms and offshore loading buoys. “We have drawn on our offshore expertise from the oil and gas industry to develop wind power offshore,” says Alexandra Bech Gjørv, head of New Energy in StatoilHydro. The rotor blades on the floating wind turbine will have a diameter of 80 metres, and the nacelle will tower some 65 metres above the sea surface. The floatation element will have a draft of some 100 metres below the sea surface, and will be moored to the seabed using three anchor points. The wind turbine can be located in waters with depths ranging from 120 to 700 metres. Continued on Page 14
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T&T SHIPBUILDER & REPAIR NEWS ISSUE #022 – JULY 2009.
“Taking wind turbines to sea presents new opportunities. The wind is stronger and more consistent, areas are large and the challenges we are familiar with from onshore projects are fewer,” says Alexandra Bech Gjørv. Contracts Signed The pilot project will be assembled in Åmøyfjorden near Stavanger and is to be located some 10 kilometres offshore Karmøy in the county of Rogaland. The wind turbine itself is to be built by Siemens. Technip will build the floatation element and have responsibility for the installation offshore. Nexans will lay cables to shore, and Haugaland Kraft will be responsible for the landfall. Enova is supporting the project with 59 million NOK. StatoilHydro is allocating in excess of 400 million NOK to building and developing the pilot, as well as research and development of the wind turbine concept. The goal of the pilot is to reduce costs so that floating wind power can compete in the power market.
The HyWind-prototype will be situated 10 km off the west coast of Norway, offshore Karmøy. Images Courtesy: StatoilHydro
“Floating wind power is not mature technology yet, and the road to commercialization and large scale development is long. An important aspect of the project is therefore research and development,” says Alexandra Bech Gjørv.
The company has entered into a technology development agreement with Siemens for the project. The wind turbines must function optimally even in large waves. Need for further R&D “The wind turbines must work satisfactorily even when subjected to movements, and it must also be possible to carry out necessary maintenance to the highest of safety standards,” says Bech Gjørv. Tested In a Wave Tank A three metre high model has already been tested successfully in SINTEF Marintek’s wave simulator in Trondheim. The goal of the pilot is to qualify the technology and reduce costs to a level that will mean that floating wind turbines can compete with other energy sources. “If we succeed, then we will have taken a major step in moving the wind power industry offshore. Floating wind turbines can make a major contribution to providing the world with clean power, but there are major technical and commercial challenges that need to be resolved. If we are to succeed, we will need to cooperate closely with the authorities. As with other technologies for renewable energy, floating wind power will be dependent on incentive schemes to be viable,” says Alexandra Bech Gjørv. ************************ Page 14 of 19
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ISSUE #022 – JULY 2009.
CHEOY LEE PRESENTLY BUILDING 13 MORE Z-TUGS FOR ACP
The series is based on the Robert Allan / PSA Marine Z-Tech 6000 design.
Cheoy Lee is also pleased to announce another recent order from ACP for thirteen more ZTech tugs for operation on the Panama Canal. Construction of these 13 new tugs has already commenced, with the vessels being very similar to the eight units just completed for the ACP. The series is based on the Robert Allan / PSA Marine Z-Tech 6000 design, with the exception that these new tugs will have an increased beam of 12.0 meters to cater to the General Electric 12V228 main engines, each developing 2,630 hp. Being larger and more powerful than the 2,500hp Caterpillar and Niigata units fitted in the original Z-Tech 6000 models, these 900 rpm engines, drive larger Schottel SRP 1515 FP azimuthing thrusters and provide a bollard pull of 65 tons. The new series, therefore, is taking on the name Z-Tech 6500 to reflect this increased capacity. Construction is taking place at Cheoy Lee's production facility, Hin Lee (Zhuhai) Shipyard Co Ltd, at Doumen in southern China. The first unit in the new series is scheduled for delivery in May, 2010.
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ISSUE #022 – JULY 2009.
HEAVY LIFT CLUB FOUNDED A number of ocean carriers involved with the international transport of project and heavy lift cargos met on May 26th in Antwerp, Belgium, prior to the commencement of the Breakbulk Europe Conference, and announced the founding of the International Council of Heavy Lift and Project Cargo Carriers, or the Heavy Lift Club (HLC).
Ground-Based Midcourse Defense (GMD) Sea based X band radar platform arrives in Pearl Harbor aboard Dockwise Heavy lift ship “Blue Marlin” (built 2000).
Issues of importance and concern to the Heavy Lift Club include education, technological innovation, the environment, security and the awareness of considerations involved with the marine transport of heavy lift and project cargos. Jan Steffens from Rickmers-Linie was selected to be the Chairman of the Group. “Heavy Lift and project cargo carriers are crucial to world infrastructure, which affects everyone,” said Mr Steffens. “The work of heavy lift and project cargo carriers is not only important, it is specialised. There are technical, operational and safety considerations in the heavy lift and project cargo sector and important challenges, which are not always considered or understood. “The Heavy Lift Club provides a forum for exchanging ideas on industry matters that are of interest and concern to heavy lift and project carriers.” HLC membership is open to ocean carriers who are routinely engaged in the international transport of heavy lift and project cargos through the use of a long-term controlled fleet of self-sustained heavy lift vessels. ************************ Page 16 of 19
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MARITIME INDUSTRY WEB LINKS ALL PURPOSE DIESEL LIMITED - www.allpurposediesel.com/ ALSTONS SHIPPING LIMITED - www.alstonsshipping.com/ CANTREX ALUMINIUM - www.cantrexaluminium.com/ CATERPILLAR LOCAL DEALERSHIP - www.tracmac.com/ CHEOY LEE SHIPYARDS LIMITED - www.cheoyleena.com/ COMPREHENSIVE INSURANCE BROKERS - www.insurance.co.tt/ CONRADO BEACH RESORT LIMITED – www.conradotobago.com/ ENGINE TECH CO. LIMITED - www.man-mec.com/ FARSTAD SHIPPING ASA - www.farstad.no/ GAC - ALSTONS - www.gacworld.com/ IMAGE MATTERS LIMITED - www.imagemattersltd.com/ MINISTRY OF TRADE & INDUSTRY - www.tradeind.gov.tt/ PRESSURE CONCRETE PLUS - www.pressureconcreteplus.com/ SOUTH TRINIDAD CHAMBER OF INDUSTRY & COMMERCE - www.southchamber.org/ STATOILHYDRO - www.statoilhydro.com/ T&T SHIPBUILDING & REPAIR CLUSTER - www.tts-r.com T&T SHIPBUILDING & REPAIR FLICKR - www.flickr.com/photos/ttshipbuildingandrepair/ THE PHI GROUP - www.phigroup.net TRINTRAC LIMITED - www.trintrac.com/ TRINIDAD DRY DOCK LIMITED - www.trinidaddrydock.com/ UNITED STATES NAVY - www.navy.mil/ ************************ Blue highlighted links indicate additional websites added in this month’s newsletter. Red highlighted links indicate Advertisers for the current issue.
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CONTACT INFORMATION Mr. Wilfred de Gannes, Deputy Leader, T&T Shipbuilding and Repair Cluster, Post Office Box 2853, Chaguaramas, Trinidad and Tobago. Tel: (868) 753 - 6057 Fax: (868) 662 - 6326 E-mail: degstt@hotmail.com Website: www.tts-r.com ************************
FOR YOUR INFORMATION
T&T STOCKBROKER & CONSULTANT, ROBERT MAYERS CALLS FOR GOVERNMENT TO DIVERSIFY. With regards to diversification, Mayers said the crisis has uncovered the need to move away from dependence on energy earnings. “We have been paying lip service to the concept of diversification for over fifty years. When will we stop talking diversification and start walking the talk?” Yes we have to diversify but we must understand that for it to make sense, we must diversify into exports whose demands has a low co-relation to energy demand and the private sector has a big role to play in this. http://www.newsday.co.tt/business/0,100064.html
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