Wednesday 4th May, 2008

 

Brown defends NIB investment in GTL plant

 
 
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Minister 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 yesterday’s 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 NIB’s 2007 annual report.

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 per share.

He said the proposal to purchase the shares was developed by the NIB’s investment division in accordance with the board’s investment policy guidelines and the division’s technical analysis, methodologies and controls.

He added that the NIB board approved the investment based on the recommendation of the board’s investment committee.

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