PARAMARIBO, Suriname, CMC—Staatsolie, the state-owned oil company, has signed a letter of intent with the Trinidad-based National Energy Corporation (NEC) as it prepares to embark on gas projects in the Dutch-speaking Caribbean Community (CARICOM) country.
In addition, a memorandum of understanding (MOU) has laid the foundation for the possible setting up of solar energy parks in Suriname and cooperation in natural gas.
Staatsolie managing director Annand Jagesar and NEC president Vernon Paltoo signed both documents Tuesday. They are the result of more than a year of negotiations and discussions between the two companies after the Foreign Affairs, International Business and International Cooperation (Bibis) Minister Albert Ramdin and the Trinidad and Tobago Minister of Energy and Energy Related Industries, Stuart Young, signed an energy cooperation agreement.
Jagesar said the agreements now allow collaboration to lead to actual joint business. He said Staatsolie will do everything possible to make the partnership successful.
Jagesar said the two partners could play an essential role in the energy sector of the Caribbean.
Paltoo explained at the signing that the parties have worked hard in recent months to reach the agreements. He noted that the two companies are at a crossroads and need to explore the real possibilities for a sustainable partnership. Paltoo, like Jagesar, sees “real opportunities” to make the collaboration successful.
Both companies want to develop sustainable energy projects together. The declaration contains agreements for, among other things, carrying out feasibility studies for the joint setting up solar power plants in both countries.
A project has been identified to explore the possibilities for setting up installations in Suriname with a generation capacity of more than 45 megawatts, enough to provide more than 14,000 households with energy.
NEC produces 469 megawatt hours of electricity annually and is building a 100-megawatt solar power plant. Staatsolie generates an average of approximately 1.4 million megawatt hours.
Both companies have also signed a declaration of intent based on capacity building and knowledge exchange. Trinidad and Tobago have enormous knowledge in the transport, sale, and local use of natural gas, and Staatsolie wants to learn from them.
NEC will create opportunities for this within the National Gas Company of Trinidad and Tobago, with Port of Spain indicating an interest in purchasing future gas production from offshore Suriname.
In addition, Staatsolie wants to draw on the National Energy Corporation’s 54 years of experience in gas production and policy. Employees of the Surinamese company will be stationed at the Trinidadian company to gain expertise in the gas production process and the preparation and management of contracts in this sector.
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