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Venezuela natural gas deal

Published: 
Tuesday, August 28, 2018

The deal between Trinidad and Tobago and Venezuela, while it appears to be made in Heaven, may turn out to be hell on Earth. It all depends upon the currency in which Venezuela will be compensated or the supply of the gas.

It was not too long ago that the French firm Paribas was penalised by a court in the US for using US dollars in a trade transaction with a party against whom the US had imposed sanctions.

The arbitrariness of these decisions backed by a boast about the capability of its fire-power to destroy countries is not something that we in T&T should ignore.

The US currently has sanctions in force against Venezuela and the whimsical behaviour of the Executive as evinced by the treatment of the Iran nuclear agreement should be a warning signal to us.

Could the payments be made in Rupees, Roubles, Euros, Yen or Swiss Francs? Will firms operating the contracts be subjected to the tyranny of the US?

There is, therefore, the need to tread warily before entering the Kingdom of Heaven.

LENNIE NIMBLETT,
St Ann’s

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