TT wants 0.8 of the 3B from Chinese

[Exile]

Ice Cream Icon: Businessman Ben Cohen, left, co-founder of Ben and Jerry’s Ice Cream, greets Prime Minister Kamla Persad-Bissessar following yesterday’s launch of the Caribbean Investment Forum 2013 at Hilton Trinidad, St Ann’s. Looking on is Trade Minister Vasant Bharath. —Photo: ISHMAEL SALANDY





Govt taps $833m from Chinese

By Carla Bridglal carla.bridglal@trinidadexpress.com


Story Created: Jun 10, 2013 at 9:53 PM ECT
Story Updated: Jun 10, 2013 at 10:30 PM ECT

Trinidad and Tobago is already beginning to put some $833 million of the US$3 billion in concessional loans from China to use.
Prime Minister Kamla Persad-Bissessar announced yesterday this country will be able to immediately access $833 million of these funds to accelerate the development of Business/Commercial and Industrial Parks throughout Trinidad and Tobago.
“We will be building seven such parks on 592.1 acres of land representing an investment of $833 million. The leasable space on the estates would be 355.7 acres. This would give an immediate boost to our country’s economic activity. We can do this within the next two years instead of waiting for this expansion,” she said during her feature address at the opening ceremony for the Caribbean Investment Forum at the Hilton Trinidad, St Ann’s.
During his state visit at the end of last month, Chinese President Xi Jinping announced that Caribbean Community (Caricom) countries that support the People’s Republic of China’s One China policy, including Trinidad and Tobago, will benefit from US$3 billion in concessional loans from that country.
US$1.5 billion has been designated for infrastructural projects, and $1.5 billion for other kinds of developmental projects.
Trade Minister Vasant Bharath, under whose purview these parks will fall, said he had already met with Chinese Ambassador Huang Xingyuan and the application process has already begun, with his hope to have things completed in four to six weeks.
Access to the loans, he said, was on a first come first serve basis, although he was not aware of if any other Caribbean country had applied as well.
He also said he hoped to be able to use some of the funding for the development of a transshipment port in La Brea.
“Cabinet has approved in principle the development of a port in La Brea so we are going to look at that facility and utilise some of the funding for that, as well as some dry docking facilities,” he said.
Persad-Bissessar also announced that a Chinese company has expressed interest in setting up a dry docking facility.
“We have already had an expression of interest from one prestigious Chinese ship and dry docking company that wishes to partner with us for the development of this activity as part of our maritime industry,” she said.
The maritime sector is one of the key diversification sectors earmarked for development by Government.
Bharath said a representative from the company, China Harbour, will be coming in for discussions.
“They are the largest firm of that nature in China and built most of the Chinese ports and have a significant amount of expertise. What we are looking for as well is to have someone build and manage it and then hand it back over to the government eventually (when we have the expertise necessary to run it),” he said

[Islandman]

“Cabinet has approved in principle the development of a port in La Brea so we are going to look at that facility and utilise some of the funding for that, as well as some dry docking facilities,” he said.
Persad-Bissessar also announced that a Chinese company has expressed interest in setting up a dry docking facility.
“We have already had an expression of interest from one prestigious Chinese ship and dry docking company that wishes to partner with us for the development of this activity as part of our maritime industry,” she said.
The maritime sector is one of the key diversification sectors earmarked for development by Government.

This is going to be interesting. We been hyping our plans for 5 years and still looking funding.....

[Willi]

Yuhzimmi and people here studiously avoid the obvious.

We are crashing as a country.

[Sir X]

We have crashed , right now its just shock..man loss a europe .., we havent even begun to pick up the pieces.

[Willi]

But we had a slim hope and now that fading daily. Everybody a score deal and we drop boof.

Dry dock was from Samuda time and even before and all now the ting cant get off ground and Trini soon zoom pass wi.

Revolution aggo come. I see no other alternative.

[Sir X]

Ahhhh yuh see it ...Rebelution ...dollar is going to drop ..claffys.

[Exile]

Zoom pass long time...

[Willi]

I mean specifically in dry dock. Now out ting dat, give our geographical advantage?

Overall mi know dem gone leff will from the early 1990s.

[Exile]

http://www.trinidaddrydock.com/inves...ectOutline.pdf

[Exile]

'biggest drydock faciilties in hemisphere...' waiting on a govt mou

By By Raffique Shah


Story Created: Aug 23, 2011 at 8:43 PM ECT
Story Updated: Aug 23, 2011 at 8:43 PM ECT

Etienne Mendez and his fellow investors in Trinidad Dry Dock Co Ltd (TDDC) are convinced that their US$1.5 billion project to establish the biggest dry dock facilities in the Western Hemisphere is not an elusive dream.
Seven years after they established the company, the directors are still seeking government endorsement of their ambitious project.
They have met with ministers in the previous administration and in the current government.
But, except for expressions of support, they are yet to have a memorandum of understanding (MOU) executed.
This, Mendez says, is critical to a project of this size getting off the ground.
"We are not looking for government funding," Mendez said. "We believe we can attract some of the bigger global investors once they see the project is formally endorsed by government. I should add that if government wants a stake in what would be a highly profitable venture, we are not averse to that. What we are seeking urgently, though, is an MOU between the TDDC and government."
TDDC, which was registered in Trinidad in 2004, has completed preliminary engineering designs and projected financials for the Sullivan Island Project, which would involve the creation of a small island off Sea Lots. Sector One of the project would see the establishment of five graving docks (catering for very large vessels), eight sea side cradles for smaller vessels and large yachts and pleasure craft, and eight service jetties for dry boat services.
If successful, the dry dock facilities alone can generate revenues of over US$1 billion a year, employ 3,500 people during the construction phase, and up to 15,000 when the project is operational.
The vision is to first construct and operate the dry docks, to be followed by a marine industrial park, and later (Sector Three) a residential and commercial centre. TDDC also has the blessings of the Guyana government to proceed with an even bigger project in that country. The New Amsterdam Dry Dock Industrial Port Complex will encompass dry docks similar to Trinidad's, a 1,000-hectare industrial park, a port and a commercial and residential sector (more on Guyana next week).
TDDC did secure endorsement from the Patrick Manning administration, with Mendez being among selected entrepreneurs who addressed the Commonwealth Business Forum at the Summit held in Port of Spain in November 2009.
Before the Manning regime lost the May 2010 general election, however, government tried to have TDDC relocate the dry docks to the proposed industrial island off Otaheite.
The company's investors and directors did not favour such a move.
Since the PP government came to power, Mendez and his colleagues have met with Ministers Stephen Cadiz, Roodal Moonilal, Errol McLeod, Jack Warner and Winston Dookeran to apprise them of the project, and seek their support.
"We have had positive feedbacks after our presentations to these ministers. But we need more than that to get such a huge project off the ground. We need an MOU to be able to execute the EIA, which will cost us around $1 million, and to proceed with detailed engineering designs and securing finance and investors," Mendez added.
Why should government or investors be interested in the Sullivan Island project? According to Mendez and his colleagues, around 14,000 cargo vessels pass through the Panama Canal each year. This number is expected to double by 2015, when the expanded Canal is scheduled to be opened. Also, some 31,000 voyages, mainly by cargo vessels, pass within 25 nautical miles of Guyana and Trinidad and Tobago.
Mendez argues, "Based on international marine laws, and for the purposes of insurance and efficiency, all ocean-going vessels must be dry-docked for inspection, certification and repairs at least once every three years. The Gulf of Paria is the biggest 'safe water harbour' in the entire hemisphere—it's why the Americans used it as their main naval base during World War II. So it's an ideal location for a facility like this," Mendez told the Business Express.
He noted that most of the huge dry docks currently operational are located in Far East countries like Singapore, South Korea, Australia, Japan, Malaysia and China.
"Their focus is mainly on ship building, although they conduct repairs as well," Mendez said.
Europe's and North America's dry docks are also mainly into shipbuilding, with many of the larger facilities (like Northrop Grumman's Newport base) dedicated to building and servicing naval vessels.
"Larger and more efficient vessels are being ordered each year," TDDC states in its business strategy document. "There are insufficient facilities in the Western Hemisphere to cater to dry-docking demand...existing facilities are not large enough to accommodate or service mega-vessels. Heavy traffic from LNG and oil tankers traverse these waters transiting from Brazil, Venezuela and Trinidad to China, the USA and other parts of the world."
Sullivan Island, named after the late Sean O'Sullivan who conceptualised the project, is required because any docking facility for large vessels require depths of more than 10 metres. "Because of the topography of the Gulf, this cannot be had close to shore. The island will be located about 1.5 kilometres offshore. Material from dredging for the turning basin and associate facilities will be used to construct the island."
The "island" will be 57-hectares in size, with a two-kilometre causeway linking the dry docks to the mainland.
The preliminary financial indicators project an estimated capital cost of US$1.551 billion, with a five-year timeline for completion. Peak annual revenues are projected at US$1.3 billion, with direct operating costs, overhead costs and debt service amounting to US$542 million.
Mendez said Prime Minister Kamla Persad-Bissessar all but supported the project when, last March, she told the Commonwealth Business forum in the UK: "Trinidad and Tobago already has local ship repair facilities servicing smaller vessels, mainly fishing boats, oil/gas supply vessels and tugs. However, we believe that ship repair and servicing can be expanded to include tankers, LNG vessels, and container ships."
He said following meeting with ministers in the PP government, TDDC was asked to look at the prospect of relocation to somewhere off the Waterloo/Orange Valley area. That move is in keeping with government's bid to decentralise high-traffic activities away from Port of Spain.
"Using the Sullivan Island Model, we developed a second project, the Waterloo Dry Docks and Industrial Estate, and we are currently in negotiation with the Government for their final approval to proceed. The People's Partnership Government has indicated a preference to a location outside of Port of Spain. Waterloo now has priority," he added.
If the Waterloo project comes to fruition, the only expenditure government will incur is the construction of a ten km main road linking the Temple-on-the-sea district to the Solomon Hochoy Highway.
"All other costs will be met by the investors."
With respect to financing, TDDC has held talks with the IDB, as well as big corporations and financiers from Brazil and China.
"They are interested," he said. "But they will not come on board until we have at least an MOU with government."
"We consider that this industry, on the scale envisaged by the TDDC, will transform the economy of Trinidad and Tobago in a manner that will be sustained and significant. The revenues from the any one of the two proposed Dry Docks alone will add nine per cent to GDP and generate net foreign exchange earnings of US$650 million per year."
TDDC, in focussing on the dry docks component of the Sullivan Island Project, has put on hold Sector Two (Marine Industrial Park) and Sector Three (Residential and Commercial Centre).
The board of directors of TDDC (and its investors) comprises Mendez (chairman), Michael A Laughlin (managing director), Abasewolu Khalabi and Alfred McMillan.

[Willi]

http://www.iho-machc.org/documents/e...Appendix-B.htm

and


http://people.hofstra.edu/geotrans/e...caribbean.html