The National Gas Company of TT Ltd (NGC) has confirmed that effective April 2, the Caribbean Nitrogen Company (CNC) began receiving gas again.
This follows the April 1 signing of a new Gas Sales Agreement between the two companies, one which “followed several months of complex and intense negotiations.”
NGC praised both management teams for continuing to “work assiduously and professionally (during this period) to secure a mutually-acceptable agreement, resolving all outstanding issues between the parties.”
Commenting on the matter, NGC chairman Gerry Brooks said the completion of these negotiations “signals a landmark achievement that is consistent with a new business framework for the downstream industry. The terms and conditions of the revised agreement will enable both parties to successfully continue operating in TT.”
Brooks added, “Consistent with the reset of the new architecture, NGC will continue to operate in the best interest of TT.” NGC President Mark Loquan praised his legal and commercial teams for sparing no effort in seeking the best possible commercial solution for both companies.
He said the new reality of higher gas acquisition costs and the need for improved efficiencies across the value chain, meant an extended period of intense and complex negotiations before agreement on terms beneficial to both parties was achieved.