THE State-owned National Gas Co’s (NGC) recently released 2015 annual report is an attractively-designed publication but it contains bad news that does not match the joie de vivre of its front cover, with its cheerful slogan “Tomorrow Begins Today”.
The year 2015 was clearly not a positive one for the company, one of the most important business entities in Trinidad and Tobago.
Everything was on a downward path, as follows:
1. It’s gas sales (the reason for its existence and by far its biggest revenue earner) amounted to
TT$12.8 billion, or 75 per cent of total revenue, 22 per cent less than sales revenue in 2014.
This was a serious matter, since NGC is bound by contract to supply a certain amount of gas to its petrochemical clients at the Point Lisas industrial estate.
Its methanol-producing customers there had to suffer a 15 per cent shortfall in gas deliveries, its ammonia customers a similar amount and its clients in the steel business, eight per cent.