Norman Christie, regional president at bpTT, says in its 55 years in T&T the energy company has generated more than $300 billion in operating cash flow, with approximately 55 per cent going to the Government in royalties and taxes.
In addition, bpTT has reinvested approximately 35 per cent in its local operations to continue to find and develop new oil and gas resources and has returned approximately 15 per cent to the shareholders in bpTT.
Speaking at AmchamTT’s annual general meeting at the Trinidad Hilton and Conference Centre, Christie urged citizens to stop bashing multinationals as large companies with a global footprint can contribute to growing economies.
“There are some who would have us believe that multinationals do not have the country’s interest at heart, or that much of the value we create is moved out of the country, but allow me to paint a different picture by using BP as an example,” he said.
In highlighting the value of the energy company to T&T’s development, Christie added: “Over the 55 years, we have made significant investments in improved safety standards, capacity and capability building, social programmes, arts and entertainment, and research and development.
“Further, the multiplier effect of the economic activity generated from our operations, including importantly for local companies who do business with us, who employ nationals and who themselves buy goods and services to support upstream operations is enormous.”
Christie said he understands why criticisms have been levelled at bpTT.
“Now, I certainly appreciate why energy multinationals like bpTT might not be the flavour of the month when our tax payments have declined with lower prices, lower production and increased investments,” he said.
“Oh, and by the way these are the real reasons our taxes are lower.
“The sensational stories about decreased taxes due to changed fiscal incentives and 100 per cent one-year write-offs for projects such as Juniper have no basis in reality.
“Even if the tax codes had not been changed two years ago we would still have the same reduction in taxes because of deeply-depressed prices and reduced production.
“And, consistent with the tax code, we are writing off development spend over three years, not one year as has been commonly reported.”
Christie called for “divisions of all kinds” to be put aside so that the serious work of building the country could begin.
“So, I close by reminding us to turn the spears outwards, focus on competitiveness, protect the vulnerable and put country first so all can be first.
“Not my party first and your party last or my race first and your race last. There are enough first place medals for all of us to share if we work in partnership,” he said.