NGC Announces $2.38 Billion Profit For 2022

The NGC Group has announced a profit of $2.38 billion, maintaining a position of profitability for the year ended December 31st, 2022. According to the 2022 summary consolidated financial statements, this solid performance is just 5.2% lower than the $2.51 billion after-tax profit recorded in 2021. Chairman, Dr. Joseph Ishmael Khan, said the NGC Group’s profitability was driven by high energy commodity prices, which were boosted by the upward trend of market prices for ammonia and natural gas liquids in 2022. On the upstream side of the energy value chain, parent company NGC advanced its growth strategies through the completion of key gas supply contract negotiations, including a milestone Gas Supply Contract with bpTT. The company continued to work alongside the Government of Trinidad and Tobago and the other shareholders in Atlantic LNG - Shell and bpTT - to further negotiations on the restructuring of the commercial arrangement for the LNG facility. And a subsidiary within the Group, Phoenix Park Gas Processors Limited expanded the Group’s presence in North American markets with the acquisition of a new NGL terminal in Hull, Texas and a propane terminal located in Rush City, Minnesota.