in the Ministry of Finance Mariano Brown yesterday said
a US$10 million investment by the National Insurance Board
(NIB) in World GTL Trinidad Limited was an approved investment
under the National Insurance Act.
Brown gave the answer in response to a question on the order
paper during yesterdays Senate session at the Red
House, Knox Street, Port-of-Spain.
The question, listed as No 67, asked for the date of acquisition
of the shares in the company, the cost of buying the shares
and whether the investment met the criteria for approved
investments as provided for in the act.
The acquisition was mentioned in the NIBs 2007 annual
World GTL Trinidad Limited is a joint venture between Petrotrin
and World GTL Incorporated to build a multi-million dollar
gas-to-liquids plant now nearing completion on the compound
of the Pointe-a-Pierre refinery.
Brown said that on April 13, 2007, the NIB bought 10 million
12 per cent redeemable cumulative non-voting preference
shares in World GTL Trinidad Limited at a price of US$1
He said the proposal to purchase the shares was developed
by the NIBs investment division in accordance with
the boards investment policy guidelines and the divisions
technical analysis, methodologies and controls.
He added that the NIB board approved the investment based
on the recommendation of the boards investment committee.