The Eastern Caribbean Gas Pipeline is a proposed natural gas pipeline from Tobago to other eastern Caribbean islands.
The idea had its genesis with Patrick Manning, Prime Minister of Trinidad and Tobago, who announced in 2002 that his country was going to undertake one of the largest civil engineering projects in the Caribbean region.[ citation needed ]
The project suffered a brief setback when Venezuelan leader Hugo Chavez petitioned intensely that the pipeline should instead originate from Venezuela and reach further into the north, including Cuba and the United States. [1]
In March 2010 the Barbados indicated after a two-year hiatus that it would seek to move toward the negotiations stage for the first stage of the pipeline from Tobago to Barbados. [2] [3] [4]
The overall pipeline would be 596 miles (959 km) long, including shore approaches and the lateral line to Barbados. [1] The first 177-mile (285 km) long stage would start from the Cove Point Estate in Tobago and run to Barbados. [5] [6] The second stage it would be expanded to Saint Lucia, Dominica, Martinique, and Guadeloupe.
The project is developed by the Eastern Caribbean Gas Pipeline Company Limited (ECGPC). 60% of the company is jointly owned by the United States companies Beowulf Energy LLC and First Reserve Energy International Fund. Rest is owned by the Trinidad and Tobago companies Guardian Holdings (15%), Unit Trust Corporation (15%), and the National Gas Company of Trinidad and Tobago (10%). [6]
The economy of Trinidad and Tobago is the third wealthiest in the Caribbean and the fifth-richest by GDP (PPP) per capita in the Americas. Trinidad and Tobago is recognised as a high-income economy by the World Bank. Unlike most of the English-speaking Caribbean, the country's economy is primarily industrial, with an emphasis on petroleum and petrochemicals. The country's wealth is attributed to its large reserves and exploitation of oil and natural gas.
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CL Financial was the largest privately held conglomerate in Trinidad and Tobago and one of the largest privately held corporations in the entire Caribbean, before the company encountered a major liquidity crisis and subsequent bailout in 2009.
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