TTNGL posts $500m in profits

The TT National Gas Ltd (TTNGL) realised profits of TT$512 million for the year ending December 2021, as comapared to a total of $6.4 million in 2020.

TTNGL officials said the increased profits were largely because of the stellar performance of Phoenix Park Gas Processors Ltd which saw an after-tax profit of US$81 million.

Phoemix Park chairman Dominic Rampersad said at an update held at the HYATT Regency in Port of Spain, that the performance of Phoenix Park came out of expansions mantaining value across the value chain and a higher rate of processing of natural gas.

"We did some data analysis on our value chain and one of the things we noticed was that the value Phoenix Park was earning as a producer in TT was sometimes equal to and other times less than what others were earning taking our product outside of TT and we were not sharing in that."

He said that Phoenix park is now seeking to expand its value chain to the international border in shipping and logistics and in storage.

"We have seen in various markets tremendous opportunities in these markets and continue to be actively involved in discussions to bring value to the value chain."

"It is important that we do not simply look at the size of the pie in TT. In order to grow the size of the pie we would have to grow the size of the market."

Chief financial officer Sheldon Sylvester said, while production for the group through Atlantic LNG had slowed, the group was able to benefit from a higher rate of processing.

"Atlantic is not immune to the issue of gas supply so Phoenix Park would have had reduced volumes in its facilities."

NGC chairman Conrad Enill described the past two years as "interesting" for the company because it was presented with challenges and opportunities to be more creative.

"It tested our various abilities to create, innovate and respond to meet new conditions for which we were not prepared," he said. "We are wiser, battle-scarred but better skilled to handle the emerging storms that are approaching."