Oct 2023 Financial News

NGC and PLNL sign gas sales contract

Oct 06, 2023

The National Gas Company of Trinidad and Tobago Ltd (NGC) and Point Lisas Nitrogen Ltd (PLNL) have concluded negotiations for the execution of a Gas Sales Contract (GSC) to govern the sale of natural gas to PLNL.

This, according to a release from NGC, represents a 'critical step forward for both companies after a fruitful period of negotiations'.

'The execution of this GSC signals the commitment of both parties for the supply of gas under mutually agreeable terms to facilitate the continued operations of PLNL plant, which produces anhydrous ammonia at its world-class production facility on the Point Lisas Industrial Estate,' the release stated.

NGC president Mark Loquan added: 'NGC is keenly aware of its responsibilities in the domestic energy landscape, both as gas supplier to the downstream sector and as the State entity charged with creating value for country from our natural gas resources. Achieving the right balance and ensuring we can satisfy the demands of all our stakeholders requires open discussion, flexibility and a constant focus on the big picture. I wish to thank the teams at PLNL and NGC for their equal dedication to the process and the achievement of a favourable outcome. We look forward to nurturing this relationship for a sustainable domestic energy sector future.'

Commenting on the significance of this GSC, PLNL president Fitzroy Harewood stated: 'PLNL welcomes the timely execution of this Gas Sales Contract which represents a new chapter in the life of the company. As a downstream operator with a long-standing presence on the Point Lisas Industrial Estate, this opportunity to continue operations is a testament to the hard work and dedicated efforts of PLNL's employees over the years. On behalf of PLNL, I extend thanks to the team at NGC for their professionalism and flexibility throughout these negotiations and we look forward to continuing this collaboration in the years ahead.'

Source:
The Trinidad and Tobago Express
Friday 6th October, 2023