On 16 March 2011, NEC had the pleasure of hosting a visit by H.E. Kim Eun Seok, Deputy Minister and Ambassador for Energy and Resources, Ministry of Foreign Affairs and Trade of the Republic of Korea, along with a delegation from the Republic of Korea. Mr. Eun Seok was accompanied by H.E. Yong Kyu Kwon, Ambassador of the Republic of Korea to the Republic of Trinidad and Tobago, who was taken on a tour of Union Industrial Estate and the TGU Power Plant in La Brea in January of this year.
In April 2010, a Joint Venture Agreement was signed between Samsung Engineering of Korea and Petroleum Company of Trinidad and Tobago Limited (Petrotrin) for Engineering, Procurement, Construction, Commissioning and Start-up (EPC) services for Petrotrin’s Ultra Low Sulphur Diesel (ULSD) Plant at the Pointe-a-Pierre Refinery. Since then, discussions have been ongoing between Trinidad and Tobago and the Republic of Korea at both the governmental and business levels with the aim of strengthening bilateral relations between the two countries.
Several potential areas of Co-operation are currently being explored, particularly in the field of renewable energy. South Korea currently generates 2.4% of its energy from renewable sources and the government has signified their intention to double this figure by the end of 2011 and to increase the contribution of renewables to 11% by 2030. To this end, several initiatives have been implemented including Renewable Portfolio Standard (RPS) regulations which will take effect in 2012. The Korean government, in collaboration with its private sector, has also provided funding and fiscal incentives for conversion to renewable energy sources, research and development.
The Government of the Republic of Trinidad and Tobago (GORTT) has articulated its commitment to the growth of renewable energy industries as a means of diversifying our energy portfolio and ensuring sustainable development. On behalf of GORTT, NEC has therefore welcomed the offer from the Korean delegation to host a forum on renewable energy in Trinidad and Tobago in the second part of this year. NEC will continue to facilitate discussion and cooperation between our countries for the benefit of all stakeholders.
Korean Ambassador visits LABIDCO