NGC Records TT$2 6 Billion Profit

The National Gas Company (NGC) Group has recorded a profit of TT$2.6 billion for the financial year ended December 31st 2021, with its revenue being TT$12.2 billion greater than the 2020 figure. The Group’s Board of Director believes the significant increase in revenues and margins benefitted from the rebound in commodity prices as the global prices of ammonia, methanol, LNG and natural gas increased by 190%%, 92 percent, 911%, and 112% respectively. The company said there were also several operational achievements by NGC to secure the sale and supply of natural gas contracts after negotiations with DeNovo, TRIN-GEN and Methanol Holdings, while also increasing its shareholding in Block 3(a) from 11% to 31%, with the acquisition of Heritage Petroleum’s Non-Operated Joint Venture participating interest. Its subsidiary, Phoenix Park Gas Processors Limited, also saw significant returns on its international investment and delivered a robust performance in its first full year of operations.