Wednesday, January 17, 2018

NGC records $6.5b profit

 The National Gas Company has recorded a profit after tax of $6.5 billion for its financial year ended 2013, Prime Minister Kamla Persad-Bissessar announced on Thursday.

“This is the highest profit in the history of the company. It makes the NGC easily the most profitable locally owned company and one of the most profitable companies in the region,” she said.

Persad-Bissessar was speaking at an appreciation evening hosted by the NGC at the Hyatt Regency (Trinidad) hotel in Port of Spain.

She said: “The NGC contributes significantly to the Treasury by way of taxes and dividends. 

It is therefore fitting that the government as the shareholder recognise this achievement.

Our vision for the NGC is that it becomes a global player in energy. As the company continues to grow it must look beyond these shores and seek out opportunities in the region and internationally.” 

NGC posted a $3.9 billion after tax profit in 2012.

Persad-Bissessar said that many relationships had been forged in the Caribbean region, China, India, Japan and Africa. 

“It is time to turn these relationships into investment opportunities subject of course to proper due diligence.

Record level investments and record level profits will mean little if it doesn’t reach the man on the street.” 

She said the NGC had been transformed.  

“The transformation of the company is historic and has come about through three strategic decisions these were — firstly the self-marketing of its LNG cargoes that were associated with its 11 per cent shareholding in Train IV. 

Secondly the acquisition of Conoco Phillip’s shares in Phoenix Park Gas Processors Ltd (last year) and thirdly the acquisition of Total’s upstream assets.