As Prime Minister Dr. Keith Rowley prepares for retirement, his economic legacy is under scrutiny amid significant transitions in Trinidad and Tobago's energy sector. Rowley has named Energy Minister Stuart Young as his preferred successor, signaling a potential shift in leadership as the country grapples with economic challenges [6892493a].
Rowley's tenure has been marked by pivotal events, notably the closure of Petrotrin in 2018, which left the company with a staggering $14 billion debt and annual funding deficits of $2 billion. In contrast, a successor entity has reported a profit of $6.5 billion up to 2024, indicating a complex recovery process [6892493a].
The opposition United National Congress (UNC) has announced plans to reopen a reformed oil refinery, aiming to revitalize the energy sector. However, Rowley has acknowledged that oil and gas revenues have not met expectations, with oil revenue increasing from 8% of total revenue in 2015 to 25% by 2024 [6892493a].
The government has set ambitious goals, aiming for 30% of energy to come from renewable sources by 2030. Meanwhile, the non-energy sector has contributed $35 billion in revenue, with GDP growth currently at 1.5%, unemployment at 4.8%, and inflation at a low 0.5% [6892493a].
A significant focus of Rowley's administration has been the Dragon gas deal with Venezuela, although geopolitical risks remain a concern. While Rowley has received praise for his management of the COVID-19 pandemic, there are ongoing worries about the politicization of anti-vaccine sentiments within the country [6892493a].
As the nation looks toward the future, the impact of Rowley's policies and decisions will be closely examined, particularly in the context of economic stability and the transition to renewable energy sources [1fe33038].