NEC’s key business activities include the following
NEC attracts and manages potential energy investments to Trinidad and Tobago for the development of projects which monetise the country’s natural gas resources in the production of value added products. In carrying out its mandate of developing new energy-based industries NEC is focused on six key industries which are petrochemicals, plastics, metals, bio chemicals and specialty chemicals , renewable and inorganic chemicals. NEC business development activity is centred around.
Development of downstream energy industries is the key strategy now employed for securing economic and social benefits to the citizens of Trinidad and Tobago. These downstream industries involve the production of secondary and tertiary derivatives which attract higher prices in the international market and results in greater value being added to the nation’s natural gas resource. Investments in downstream industries also create increased opportunities for higher levels of employment during plant construction and commercial operations. At present, locally produced melamine is a tertiary derivative produced at Point Lisas Industrial Estate and is being targeted for immediate downstream development in the thrust towards linking the energy industry to the manufacturing industry.
By Cabinet decision all project proposals which require natural gas as feedstock and/or fuel will be evaluated under a suite of eleven criteria which include Degree of value added, Environmental Impact, Capital Expenditure, Degree of Local Content and Energy Efficiency. NEC collaborates with other key stakeholders in the evaluation of major energy projects. This approach provides the potential investor with a transparent mechanism for project selection.
Energy efficiency has been identified as a key factor in achieving energy security and fostering sustainable development for Trinidad and Tobago. With the Point Lisas Industrial Estate representing a significant site for natural gas processing and a major source of revenue to the country MEEA accordingly requested NEC to embark on a study to establish a framework for execution of energy audits and the determination of baseline data for the plants at Point Lisas Industrial Estate. The Terms of Reference for this project includes the development of frameworks for an Energy Efficiency Policy, and the establishment of an Energy Management Programme.
Energy Services/Local Content
The enhancement of the energy services sector is a major priority for the MEEA. NEC’s role in developing new energy and downstream industries for local industrial estates, positions it as a significant stakeholder in advancing local content/energy services within Trinidad and Tobago. In August 2010 at the request of the MEEA, a team led by NEC and comprising representatives from NGC, PETROTRIN, NP and the Energy Chamber completed a report on A Framework for Creation of a Sustainable Energy Services Sector and Local Content Policy. The report was submitted to the Ministry with recommendations for strengthening this critical service industry.