Economy
Throughout the years Trinidad and Tobago has been improving
its revenue in ways of economy, tourism, oil/gas, import/export, and expansion
of the country itself. The main source of income for the country is its oil and
gas industry. During the past years, the government of Trinidad and Tobago
invested millions of dollars into funding oil and gas companies. In addition to
this, there are several foreign investors who signed treaties with the
government of Trinidad and Tobago. These investors are owners and operators of
many of the onshore, and offshore oil rig platforms. The main petroleum
distributer in Trinidad is named Petrotrin. Petrotrin is a local company which
provides both oil and gas, locally and internationally. Other petroleum
companies include, British Gas (BG), Trinmar, Schlumberger, Trinity Exploration
and Tuff Co. Limited.
Local and Foreign trade has also drastically increased local
revenue in Trinidad and Tobago. One of the major local companies that used to
provide billions of dollars to Trinidad’s revenue was Caroni 1975 Limited.
Caroni was closed down by the government of Trinidad in 2003, since then the
country has lost a significant amount of yearly income. Caroni 1975 Limited was
responsible for providing sugar locally and internationally, now sugar is
imported into Trinidad and Tobago. Another major income source for Trinidad and
Tobago is agriculture. At least 10 - 15% of people in Trinidad are farmers,
each providing vegetables and foods for themselves as well as for retail,
wholesale, and export to different countries. Agriculture accounts for around
14% of non-oil income to the country’s economy. Tropical fruits and vegetables
are grown and exported, these include, coco, watermelons, coconut, spinach,
peppers, seasoning (Green onions, onions, celery, thyme, and shadow-benny),
mangoes, papaya, citrus fruits, and many more.
Inclusive of this, Trinidad is the world’s leading provider
for petrochemicals. These petrochemicals include methanol and ammoniac.
Methanol Holdings (Trinidad) Limited is the name of the methanol plant which is
situated in Central Trinidad in the industrial area of Point Lisas. YARA
Trinidad Limited is a three-plant ammonia facility located in Central Trinidad
in the area of Savonetta. YARA is responsible for providing ammoniac throughout
the world, hence being the leading ammoniac distributer worldwide.
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| Methanol Plant |
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