Sep 2014 Financial News

Chairman: NGC profits up more than 200%

Sep 17, 2014

Profits at state-owned National Gas Company (NGC) have increased by more than 200 per cent over the past four years, its chairman Roop Chan Chadeesingh has said. Chadeesingh said the jump in revenue by the state enterprise was a direct result of the effective policy decisions taken by the board and the quality work of the executive management team.

He was speaking at Monday’s media conference held at Jaffa Restaurant, Queen’s Park Oval, on Tragarete Road, Port-of-Spain, to announce the company’s increased allocation to the Arima race Club’s Republic Day Derby at Santa Rosa Park, Arima.

“Natural gas is involved in everything that is positive for T&T. We all know that Petrotrin is not doing too well recently and the NGC is the flagship company of T&T. This year was our best year in terms of revenue. This year, before taxes, we made $8.39 billion in profits. I don’t want to blow our own trumpet, but when we took over in 2010, profits were $3.9 billion before taxes,” he said.  

Chadeesingh added, “NGC currently produces about four billion cubic feet of gas. Two billion goes to Atlantic where we have four trains that sell energy to the whole world. The other two billion comes to the industrial estate in Point Lisas and out of Point Fortin, we have a number of plants: urea, ammonia and methanol plants. We supply gas to the steel plant. We supply gas to PowerGen. All of our power in T&T comes from natural gas.”

The energy official praised the vision of Errol Mahabir, former minister of petroleum and mines under the Eric Williams administration, who four decades ago, pioneered the idea of an energy estate.

Source:
Sean Nero
Trinidad Guardian 
Wednesday September 17, 2014

http://www.guardian.co.tt/business/2014-09-17/chairman-ngc-profits-more-200