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Financial News

Mar 2015 Financial News

NGC regularises tenancy at COVE

Mar 09, 2015

The National Gas Company (NGC) has become the first state enterprise to regularize its tenancy at the COVE Eco-Industrial and Business Park (CEIBP) in Canoe Bay, Tobago. NGC recently signed a lease with the Eco-Industrial Development Company of Tobago (E-IDCOT), managers of the facility, to support the operation of its gas receiving facility there. In 2010 NGC constructed its first sub-sea natural gas pipeline from the BHP Billiton Gas Export Platform in the Angostura field in north-east Trinidad to its gas receiving facility at the CEIBP in south-eastern Tobago.

At present, the facility supplies gas to T&TEC’s power generating plants which are also located at the park. The establishment facility has enabled T&TEC to improve the capacity and reliability of its supply of cleaner energy throughout Tobago. With this service, NGC has the capacity to supply other tenants and customers of the park and extend its natural gas distribution network in Tobago. The agreement was signed after intense negotiations between NGC and E-IDCOT.

In recognising the significance of the achievement, E-IDCOT’s CEO, Bernard Mitchell, said: “This development allows us to move forward confidently, knowing that we are operating on a solid foundation”. E-IDCOT hopes to conclude negotiations with other residents of CEIBP, including T&TEC, to regularise their tenancy in the coming months.

 

Source:
Trinidad Guardian
Monday March 9, 2015

http://www.guardian.co.tt/business/2015-03-09/ngc-regularises-tenancy-cove