Theme
1 | Theme 2 | Theme
3 | Theme 4 | Theme
5 | Theme
6 | Theme 7 | Theme
8 | Theme 9
Monday November 14th, 2005
Theme 1: Hydrocarbon Sector Investment, Output and
Export
Review
1995-2005 and Forecast 2006-2010, Presented By – Representative
NGC (n/a)
Theme 2: Fiscal Policy and Hydrocarbon Revenue
1.
Trends in Sources and Uses of Hydrocarbon Wealth:
A Comparative Analysis, 1974-1979 and 2000-2005 Compared download
presentation 
Presented By – Gregory
Mc Guire, UWI
Gregory McGuire
Mr. McGuire holds a Bachelor's and Master's degree
in Economics from the University of the West Indies,
St. Augustine. He has also had extensive post-graduate
training at the Oxford College of Petroleum Studies,
International Law Institute and the London Strategic
Planning Society. Mr. McGuire has had a distinguished
career in business spanning twenty-four years, including
stints at the Central Bank and the National Gas Company
of Trinidad and Tobago Limited (NGC). At the latter,
he had managerial responsibility for the Strategic
Planning and Marketing process. He has been involved
in business development activity and in negotiations
of major natural gas contracts. Mr. McGuire is an
experienced researcher having written and published
papers on strategic planning, the energy industry,
technology transfer, trade and public finance. He
currently serves as a visiting lecturer in Energy
Economics at the Department of Economics, UWI St.
Augustine. He is also a Research Fellow and Director
at the Trinidad and Tobago Institute of the West
Indies
Abstract
Comparisons between this current period of economic
expansion and that of the 1970’s oil boom are
unavoidable. Such comparisons reflect the deep concern
of the citizenry that the national patrimony is being
fritted away, some would add, for a second time.
This paper presents a comparative analysis of the
relevant data for the periods 1974 to 1979 and 2000
to present. It addresses trends in the allocation
of Government revenue among competing priorities.
It also places expenditure in the context of the
broader contemporary social and economic imperatives.
It makes medium term projections on expenditure and
distills some policy implications.
2. Hydro Carbon Taxation and Fiscal Incentives
Presented By – Greta
Jackman, Assistant Commissioner, Oil Audit Department,
Ministry
of Finance download
presentation
Greta Jackman
Mrs. Greta Jackman is an Assistant Commissioner of
Inland Revenue with responsibility for petroleum
taxation. She is a member of the Tax Committee that
was responsible for the amendments to the fiscal
regime for oil and gas. Mrs. Jackman is also a member
of the Permanent Double Taxation Team in the Ministry
of Finance.
She
has been with the Inland Revenue Division for the
past 33 years and has worked in most sections of
the Division. She has been in the petroleum unit for
the last 14 years and served on several petroleum committees.
Mrs. Jackman also worked with the IRS (in the reform
unit of Inland Revenue) as a project leader to develop
and implement the Petroleum and Large Taxpayer Business
Unit. She has been on several oil and gas training
courses both locally and abroad and attended the Advanced
International Program in Oil & Gas Financial Management
at the University of Texas at Dallas as well as a CWC
program on World Fiscal Systems for Oil and Gas at
Nassau, Bahamas. Mrs. Jackman has made several presentations
on petroleum taxation to petroleum companies.
She received her accounting training both from the
Inland Revenue Training Center and ACCA and has attended
courses in management at UWI. She holds a Diploma in
Financial Management from ACCA and a certificate in
Project Management from the International Business
Training Association in Miami.
Abstract
Trinidad and Tobago sits upon the largest amount
of Oil and gas reserves in the Caribbean. This has
given Trinidad and Tobago a competitive advantage
in the quest for developed status.
The
Government of Trinidad and Tobago must then ensure
that the state’s resources are utilized efficiently
and that it receives the maximum economic rents for
the use of its resources in a manner that would encourage
companies to invest continually. It is therefore the
responsibility of the taxing authority of Trinidad
and Tobago in conjunction with the Ministry of Energy
to design a fiscal system that would achieve the combined
energy and fiscal objectives of the Government.
The taxing authority does not operate in isolation.
It must ensure that its policies are compatible with
the overall strategic goals and objectives of the state.
Its policies must be synchronized with the policies
of all the other governing authorities of the state.
Governments grant fiscal incentives to encourage an
inflow of foreign direct investment and to provide
relief to companies in their early years of operation
as it is expected that after the infant years, the
companies will achieve a profitability status and begin
to contribute to national revenues in the form of taxation.
It is hoped that this presentation would give some
insight with respect to two aspects of the taxation
system in Trinidad and Tobago as it focuses on hydrocarbon
taxation and fiscal incentives.
Theme 3: Capturing Resource Rents
1. Capturing Resource Rents: by Analysing the True
Economic Value of the Resource and Factoring Sustainability
and Energy Security Concerns - the Case of Trinidad
and Tobago download
presentation
Presented By – Justin
Ram, SEDU
Justin Ram
Justin Ram is currently an assistant lecturer and research
associate with the Sustainable Economic Development
Unit (SEDU) at the University of the West Indies.
His research interests are natural resource and environmental
economics, energy economics, transport economics
and corporate social responsibility.
He
has also worked as a Government economist with the
UK’s Government economic Service, where he
worked in the Transport Environment and Taxation division
of the Office of Deputy Prime Minister/Department for
Transport as well as an environmental economist with
the Greater London Authority Group.
After graduating from the University of the West Indies
with a B.Sc. in Economics, he worked as research assistant
to the Head of the Economics Department at the University
of the West Indies, St. Augustine campus in Trinidad.
He later became a founding member of SEDU, and worked
for two years as a research officer with SEDU. He completed
an M.Sc. in Environmental and Resource economics in
2000 at University College, London. Since completing
his masters degree he has worked on numerous projects
with SEDU, including assessing environmental priorities
for Trinidad and Tobago and Environmental Policy Instruments
for Jamaica.
He is currently an economics PhD candidate with Imperial
College, London.
Abstract
n/a
2. Maximizing Value from LNG: Pitfalls and Options
Presented By – Anthony
Paul, Energy Strategy Consultant
Anthony Paul
Anthony Paul has spent over 27 years in the oil and
gas business; in several technical, commercial and
leadership roles. He is currently an independent
consultant, providing strategy and business development
support to the energy, e-business and government
sectors. He is a leading advocate of local content
and sustainable development in the energy sector
and is a well respected analyst on many aspects of
the industry, from policy and regulatory to technical
and commercial.
In the energy sector he specializes in Exploration
and Production opportunity access and growth. He has
worked, in Trinidad & Tobago, with the T&T
Ministry of Energy (as Director of Geology & Geophysics),
Petrotrin (the State integrated oil and gas company – as
Senior Geophysicist) and BP Trinidad & Tobago (as
Exploration Manager and Sustainable Developments Manager);
in Houston Texas with Exxon in Houston (as Senior Geophysicist)
and in London, with BP plc (as a global e-Business
Strategy Consultant.)
He serves on the Boards of major local, publicly traded
companies in Finance and IT, public institutions and
business associations. He also leads and contributes
to several efforts in tertiary education and business
development, through his voluntary participation in
industry and professional associations.
He earned a BSc (Hons),in Geology from the Imperial
College of Science & Technology, University of
London (1978) and an MS, Geophysics, from the University
of Houston, 1985.
Abstract
n/a
Theme 4: Welfare Expenditure and Labour Market Issues
1. Presentation
By – Reynold Simons, International
Labour Organization (ILO)
n/a
2. The Challenge of Creating an Equitable Society in
an Externally Propelled Hydrocarbon Based Economy
Presented By David Abdulah,
Oilfields Workers’ Trade
Union (OWTU)
David Abdulah
David
Abdulah is Chief Education and Research Officer at
the Oilfields Workers’ Trade Union, since
1978. An Economist by Profession, involved in the search
for and development of a popular and relevant pedagogy;
a Labour and Political activist committed to Social
Transformation and Justice. He has served on many Public
Boards, standing committees and advisory groups, including
the Cabinet Appointed Multi-Sectoral Core Group Vision
2020, the Board of Directors of the Trinidad and Tobago
Bureau of Standards (October 1996 to June 2003), the
Standing Committee on Trade - Advisory to the Minister
of Trade, the Advisory Group for the Caribbean Development
Forum of the Caribbean Development Bank, and the Board
of Directors of the Environmental Management Authority,
(2002–present). He is currently the Chairman
of the Cipriani College of Labour and Cooperative Studies
and Industrial Relations Adviser to the West Indies
Players’ Association.
David has participated in and presented papers at many
Local, Regional and International Seminars and Conferences,
organized and/or hosted by Trade Unions, political
movements, NGO’s and social movements, universities,
government and quasi government bodies international
agencies. He has written, lectured and spoken on
a wide range of development issues here in Trinidad
and Tobago, throughout the Caribbean and in North
America; has given guest lectures at more than 20
well known Universities in North America, and lectured
and facilitated Seminars for the ILO Caribbean Office.
A former columnist and radio and television host,
he is a resource person contacted regularly by local,
regional and international media for comment on labour,
economic, social and political events in Trinidad
and Tobago and the Caribbean. He holds a Bachelor
of Arts in Mathematics and Economics from the University
of the West Indies, St. Augustine.
Abstract
Economic activity is not an end in itself, but the
means by which human beings organize, harness and exploit
the resources at their disposal to provide the goods
and services to satisfy their needs. In Trinidad and
Tobago, we have now had one hundred years of commercial
economic activity in the hydrocarbon sector. For most
of this period the hydrocarbon sector has been the
driver of the economy. This can be confirmed by the
fact that it has consistently been the largest contributor
to national income (Gross Domestic Product), Government
revenues and foreign exchange earnings. It has not,
however, been the largest employer of labour.
During
the hundred years of commercial activity the dominant
firms in the sector have been: (a) multinationals
and (b) producing crude and/or refining/processing
products for export, with demand for these products
determined externally. Significantly, while most of
the investment by these firms results in an increase
in output and therefore contributes to GDP growth,
the largest component of this investment is actually
capital expenditure on plant, equipment and services
purchased abroad. Investment by the sector does not
therefore necessarily stimulate a corresponding and
proportionate increase in direct employment nor does
it generate sustained economic activity by domestic
producers. Further, since we are not price setters,
the fortunes of the sector – and consequently
of the national economy – are dependent on external
factors and actors.
Given the structure of ownership, investment and production
of this the sector that drives the economy, it is not
surprising that there can be significant growth in
the value of the goods produced (either as a result
of an increase in output or an increase in prices or
a combination of both) at the same time that there
is a persistently high poverty rate, high unemployment
and an increasingly skewed income distribution. In
such circumstances it has fallen to the state to invest
and/or distribute the rents received from the sector
to create jobs and alleviate poverty and to pursue
fiscal and other policies towards the same end.
The paper will look at these issues as well as critically
examining, by way of the date on employment, incomes
and poverty, whether the current and recent expenditures
on the social sector have resulted in achieving a more
equitable society.
Theme 5: International Transparency and Accountability
Initiatives
Presentation By – Henry
Parham, International Coordinator – Publish
What You Pay download
presentation
Henry Parham
Henry Parham is the International Coordinator of Publish
What You Pay (PWYP), an international NGO coalition
campaigning for greater revenue transparency in the
extractive industries. He is based in London, England
and has been working for PWYP for 3 years. Previously
Henry was involved in the National Union of Students
in Australia, served as President of the Student
Union at the Flinders University of South Australia
in 2001, and worked for the United Nations Youth
Association of South Australia. He has a Bachelor
of International Studies, majoring in politics, international
relations and French.
Abstract
In
response to calls from the Publish What You Pay international
NGO coalition for increased transparency
and accountability over the management of oil, gas
and mining revenues in resource-rich developing countries,
Tony Blair launched the Extractive Industries Transparency
Initiative (EITI) to bring together companies, governments,
investors, financial institutions and civil society
to develop a framework for payments and revenues disclosure.
PWYP has supported the development and expansion of
the EITI worldwide. However, is EITI enough? Will it
succeed globally? What additional mechanisms to promote
transparency of both corporations and governments should
the international community consider? In this presentation,
Henry Parham will discuss the PWYP coalition's involvement
in the EITI and will propose ways in which it can be
strengthened for the benefit of Trinidad & Tobago,
other resource-rich countries and the citizens of these
countries.
3. Discussant - Mr. Reginald Dumas, Trinidad and Tobago
Transparency Institute (TTTI)
Mr. Reginald Dumas
Reginald Dumas is Chairman of the Trinidad and Tobago
Transparency Institute, the National Chapter of Transparency
international, which he co-founded in 1998. Mr. Dumas
has, for many years, actively participated in multilateral
negotiations dealing with specific concerns of his
home country and the Caribbean Community. Mr. Dumas
has served on a variety of task forces, commissions
of inquiry and other bodies in the public service,
and in the business and judicial fields in and outside
Trinidad and Tobago. In 2004, Reginald Dumas was appointed
Special Adviser to the UN Secretary General and helped
tackle Haiti's escalating political, economic and social
turmoil.
Mr.
Dumas has an extensive diplomatic background. He
served as Ambassador to the United States of America
and Permanent Representative of Trinidad and Tobago
to the Organization of American States, and as High
Commissioner to Barbados and the Eastern Caribbean.
Prior to his appointment as High Commissioner to Canada,
from 1980 to1984, he served as this country’s
High Commissioner to India, with concurrent accreditation
to Sri Lanka, Singapore, Indonesia and Japan; and High
Commissioner to Ethiopia, with concurrent accreditation
to Kenya, the United Republic of Tanzania, Uganda,
and Zambia.
Mr.
Dumas was educated at the Chaguanas Government School
and the Queen’s Royal College of Port-of-Spain.
He is a graduate of Cambridge University and was a
Carnegie Endowment Fellow at the Institute Universitaire
de Hautes Etudes Internationales in Geneva. He is fluent
in English and French. His main publication is “In
the Service of the Public: Articles and Speeches 1963–1993,
with Commentaries”.
END OF DAY ONE
Tuesday, November 15th 2005
Theme 6: Linkages and Entrepreneurship- Building Local
Enterprise Capability
1. The Case for State Involvement in Strategic Investments:
Reflections on the Point Lisas Experience
Presented By – Carlos
Hee Houng, Principal Consultant - The Savonetta Group download
presentation
Carlos Hee Houng
A chemical engineer by training, he has considerable
experience at the operational and managerial levels
in the petrochemical sector. He worked in engineering
and operations at Federation Chemicals Ltd. (1964
-1972), at Fertilizers of Trinidad and Tobago (FEERTRIN)(1978-1988)
as Marketing Manager, and as CEO of the Trinidad
and Tobago Methanol Company, (TTMC) from 1988 -1993.
Between
1972 and 1978, he was part of the Industrial Development
Corporation’s Economic (ESPD) team
which was responsible for the planning and development
of many of the industries existing today at Point Lisas.
He was Director of the Coordinating Task Force (1975 – 1978
), the Government’s unit responsible for bringing
on stream the infrastructural work (water, electricity,
etc.) for the implementation of the Pt. Lisas industrial
estate and was directly involved in the development
of some of the energy based projects that were planned
for the country such as the iron and steel project,
the regional aluminium smelter, the GOTT- AMOCO fertilizer
project (formerly FERTRIN now PCS ), the acquisition
and expansion of Trinidad Cement Ltd.
Abstract
From the discovery of oil in 1965 up to the late 1960’s,
the involvement of the state in the energy sector was
minimal. From the late 1960’s Government articulated
a vision of acquiring control of the commanding heights
of the economy which, at that time, essentially related
to the exploitation of the countries oil and gas reserves.
The policy of majority state ownership of key industries
in the energy sector was established. This led to the
evaluation by state agencies of the potential to create
industries using the hydrocarbon resources; the identification
of infrastructure requirements; direct investment in
relevant infrastructure projects; the promotion of
Trinidad and Tobago as an attractive location for foreign
investment in energy industries; and the state going
alone in some of these industries where it was unable
to attract foreign equity partners.
The
economic problems of the80’s and 90’sled
to a programme of divestment which has diluted some
of the gains that could have been realized. Some of
the producing companies reverted to full private ownership
and in many cases to full foreign private ownership.
However, the involvement of the state is seen as a
critical ingredient tin the success of the Point Lisas
Industrial Estate, although the full scope of the benefits
identified in the 70’s have not been realized,
the gains were sufficient to justify the catalytic
role of the state in the creation of Point Lisas.
2. Mr. Leroy Mayers. P.S. Ministry of Energy and Energy
Industries
n/a
Theme 7: The Macroeconomics of Petro Exporting Economies
1.
Natural Resource Funds and Macroeconomics in Hydrocarbon-based
Rentier Economies, with Application to Trinidad and
Tobago download
presentation
Presented By – Dennis Pantin & Dale
James, UWI
Dennis Pantin
Dale James
Dale James is a Graduate Research Assistant with the
Sustainable Economic Development Unit (SEDU) at the
Department of Economics, UWI - St. Augustine. He holds
Bachelor and Master’s degrees in Economics from
the UWI. His M.Sc. research paper was entitled “Lessons
for Trinidad and Tobago of International Experiences
with Capture and Investment of Economic Rents From
Hydrocarbon and Other Natural Resources,” with
emphasis on Natural Resource Funds (NRF) and Proper
Natural Resource Revenue Management. He has co-authored
two papers with Mr. Dennis Pantin and has presented
guest lectures on “Natural Resource Funds” and “Natural
Resource Rents in the Caribbean” to students
of Energy Economics and Caribbean Business Environment
at the UWI.
Abstract
2. Foreign Exchange Management in Resource Boom download
presentation
Presented By – Ewart
Williams, Governor –Central
Bank of Trinidad and Tobago (CBTT)
Ewart Williams
Mr. Williams was appointed Governor of the Central Bank of Trinidad & Tobago
in mid- 2002. Prior to this, he worked for thirty years at the International
Monetary Fund, completing his career there as Deputy Director of the Western
Hemisphere Department. In this capacity, he was one of four senior managers
responsible for the IMF's work in Latin America and the Caribbean. In 1994/5,
Mr. Williams led the IMF team in negotiations with the Mexican government during
the economic crisis in that country. He was the main architect of the Caribbean
Regional Technical Assistance Centre (CARTAC) which was established in Barbados
in 2001 by the IMF and other multilateral and bilateral agencies to help in
capacity building in public finance, banking and statistics in the region.
In 1988/9, under a UNDP financed Technical Assistance Project, Mr. Williams
also served as an advisor to Mr. William Demas, then Governor of the Central
Bank of Trinidad & Tobago. Mr. Williams completed his graduate and his
post-graduate training in Economics at the University of the West Indies, St.
Augustine.
Discussant – Dr. Eric St. Cyr
Theme 8: Socio Environmental Impact of Industrial Estate
Development
1.
Charting the Industrial Revolution and Its Inter-Relations
with the Environment and Communities in Trinidad and
Tobago download
presentation
Presented By – Dr Soriaya
Manwaring, Environmental Management Authority (EMA)
Soraiya Manwaring
Soriaya Manwaring is a Regulatory Compliance Officer
II in the Strategic Environmental Management Unit
at the Environmental Management Authority. She holds
the portfolio for strategic assessment and management
of development activities in the Energy Sector. Ms.
Manwaring has a Bachelor of Science in Botany and
Zoology from the University of the West Indies and
a Master of Science in Sustainable Energy Systems
and Management from the University of Flensburg,
Germany. She has worked in the field of environmental
management in Trinidad & Tobago for the past
8 years and has been with the EMA for the last 15
months.
Abstract
Industrial zones, comprising of industrial towns, industrial
estates and industrial districts, have been and continue
to be important drivers of economic development in
Trinidad & Tobago. Because of their size, location,
the processes that they support and outputs resultant
from these processes, industrial zones are often viewed
as hubs of social and environmental degradation. However,
concentrating production activities into industrial
zones can also render social and environmental benefits
if appropriate policy and management systems are applied
during their design, planning, development and operation.
Industrial zones have existed in Trinidad & Tobago
since the mid 1800s. Legislation and management systems
for managing the environmental aspects and impacts
of development, including industrial development have
also been developed in recent years. Government and
the country are about to embark on yet another phase
of industrial growth with the proposed development
of additional industrial estates to house new, larger
heavy industries. What have we learned from our 100+
years of developing and managing industrial zones,
and how can we apply our experience to this new industrial
revolution?
2. Industrial Estates and Village Communities in Trinidad
and Tobago download
presentation
Presented By – Dr.
J. Rocke, Institute of Marine Affairs (IMA)
Judy Rocke
Judy Rocke earned her PhD in Applied Geography from
the Department of Geography and Geology at Mona Campus,
UWI, 2002. She is Manager, Technical Advisory Services
at the Institute of Marine Affairs (IMA). The Technical
Advisory Department is the arm of the IMA that prepares
advice for the government and private consultancies
for the preparation of Environmental Impact Assessments
(EIAs) and other technical reports; the sale of data
and; the contracting of the services of the Marine
Chemistry Laboratory.
Abstract
Theme 9: The Case for Civil Society Involvement
The
Role of Civil Society in EITI download
presentation
Ole Andressen, Representative
of the World Bank Oil, Gas and Mining Unit, with
Dr. Malaika Culverwell,
EITI
Ole Andressen
Ole Andreassen is a financial economist with the World
Bank’s Oil, Gas, and Mining department. He works
on the Extractive Industries Transparency Initiative,
as well as on other policy matters related to Oil and
Gas. At the World Bank, he has previously worked on
financial sector development. Before joining the bank,
he worked in law and finance in the private and public
sector, and as a research fellow at the University
of Bergen in Norway. He holds Bachelor and Master's
degrees in Law from Norway, a Master’s degree
in Business Management from Ecole des Hautes Etudes
Commerciales in France, and a Master's degree in International
Relations and International Economics from the Johns
Hopkins University.
Dr. Malaika Culverwell
Malaika Culverwell is a Private Sector Adviser in the
Policy Division, Department for International Development,
UK (DFID). She works within with the Extractive Industries
Transparency Secretariat to provide policy guidance
and central support on EITI implementation in Latin
America and Caribbean. She also works on sustainable
business models in other sectors including sustainable
tourism, business in zones of conflict, and corporate
responsibility issues. She previously worked at Chatham
House, Shell, and UN Economic Commission for Latin
America and Caribbean (Chile), with a focus on the
extractive industries and sustainable development.
She holds a PhD in Management and an MPhil in Development
Studies from Cambridge University
