Investment holding company, the Trinidad and Tobago NGL, has reported an after-tax loss of $35.8 million.
This follows the United States government’s revocation of licences related to the exploration of gas fields in Venezuela.
The US says its decision is based on Venezuela’s failure to restore democratic norms and manage illegal migration.
Trinidad had already been paying over US $1 millionannually in taxes to Venezuela for the anticipated 20-year Dragon project.
But, the revocation has effectively frozen the deal.
The Energy Chamber of Trinidad and Tobago described the situation as a significant setback for the country’s energy sector.
