NGC: We keep tabs on energy sector

THE National Gas Company (NGC) declined to say how much they pay bpTT to buy natural gas to then sell on to downstream users such as petrochemical industries at Point Lisas, but assured they keep a very close look at the sector.

Newsday on Thursday e-mailed several queries to NGC regarding the OWTU’s recent claim the gas price has doubled, so threatening thousands of local jobs.

The union urged a renegotiation between bpTT and the NGC.

Newsday asked if the NGC will consider a review and renegotiation of the 2018 gas deal.

The company replied, “NGC is constantly reviewing the terms and conditions of its upstream contracts and remains in active dialogue with its suppliers in seeking ways to optimize the benefits to all its stakeholders.”

Newsday asked if the new pricing formula will double the price.

“Pricing formulas are confidential,” bpTT replied.

Given the OWTU’s claim the hike will shut the Point Lisas Industrial Estate, Titan Methanol plant, and Tringen I and Tringen I, Newsday asked of his claims of a price rise from US$2/US$2.50 per Million British Thermal Unit (MMBTU) up to US$4 per MMBTU.

“Gas pricing formulas are confidential,” the NGC reiterated.

Newsday asked if the NGC has considered the effect of a big price-hike on downstream plants on the Pt Lisas Industrial Estate.

The company replied, “NGC is cognizant and mindful of the changing energy landscape and the effects of same both locally and globally and has acted and shall continue to act in the best interest of all its stakeholders across the value chain.”