Khan: NGC can only get better

A PROUD outgoing chairman of the National Gas Company of TT Ltd (NGC), Joseph Ishmael Khan, said he expects the company will continue to grow from strength to strength – adding value to TT’s energy sector in the future – as it approaches 50 years in the industry.

Khan was appointed to NGC's board of directors in 2022 and made chairman in October of that year.

He resigned from NGC, effective May 9. His resignation was reported on the TT Stock Exchange’s website on May 12 in a notice of material change.

"I feel good. I feel as though these three years have been well spent, and I think as a company, NGC can only get better," he said in conversation with Business Day on May 14.

"Over the last three years, the board, management and leadership of NGC worked collaboratively and collectively to navigate the complexity of the energy sector.

"NGC’s strategy in terms of working throughout the value chain has significantly added value to the country. The team within the group worked extensively and was able to achieve significant milestones, not just locally but regionally and internationally."

He also commended NGC's staff, who added their expertise and commitment to delivering in all aspects of the company’s operations.

An impactful journey

Khan was at the helm of NGC as the company navigated significant milestones and challenges over the past three years, taking the company from a natural gas aggregator to an energy powerhouse in hydrocarbons and renewable energy.

Among those was the formation of NGC Green, which was changed from NGC CNG in November 2023.

NGC was a major partner in the construction of the Brechin Castle Solar Farm. BpTT and Shell broke ground on the construction site in April 2023.

The solar project, expected to be completed in 2025, promises to provide about 122 MWp of renewable energy. NGC has a 30 per cent stake in the project.

NGC Green was given a mandate to expand and accelerate the group’s pursuit of local, regional and international opportunities around clean and renewable energy, energy efficiency, sustainable transportation, alternative fuels and research and development.

In 2023, Atlantic LNG (ALNG) also completed the restructuring of its commercial regime on the four natural gas liquefaction units or "trains", which effectively boosted the country’s stake in the LNG business and increased its equity share in the company.

Between 2023 and 2024, NGC also expanded its interest in upstream exploration and production, completing the acquisition of Heritage Petroleum Co Ltd’s participating interest in onshore blocks NCMA 4, block 22 and block nine in Trinidad’s north coast marine area.

NGC now has a 20 per cent stake in NCMA 4, a ten per cent stake in block 22 and a 100 per cent stake in block nine.

In 2024, NGC Green launched a new CNG station at the Cove Industrial Estate in Tobago.

The station is the first public supply point on the island and the 13th public CNG station overall in TT.

NGC also developed TT’s first Green Energy Map, which showcased both domestic hydrocarbon energy assets and potential assets in renewable energy projects.

While the company has seen many successes, it also faced several challenges during his tenure, one of the more publicly-known challenges being the revoking of the OFAC licence for the Dragon gas field.

In April, former Prime Minister Stuart Young announced the US government had revoked licences to the TT government for exploration and production of the Dragon Gas field and the Manakin Cocuina cross-border gas field, which was granted on December 18, 2023. NGC holds a 30 per cent stake in the project, which hoped to aggregate gas from the field in Venezuelan waters to TT’s production networks.

The company also reported a $1.3 billion loss after tax in its 2023 financial reports, owing to an impairment cost coming out of the acquisition of Phoenix Park Gas Processors Ltd (PPGPL) in 2013.

Initial reports on the company’s 2024 financial standings indicated that there was another impairment cost affecting the company’s finances, however, it reported a $544 million profit after tax for the nine months ending on September 30, 2024.

Operating profits for the period was $3.2 billion.

Khan: Focus on leadership

Khan said NGC’s focus on being a regional leader in the energy sector is what saw its success over the past three years, and continuing to focus on that will ensure its success in the future.

"I think it is just about keeping focused and being that key player, not just an aggregator of gas, but one that is able to ensure that the entire energy sector is well managed with regard to gas supply," he said.

"Then, of course, going into the renewable energy field, that is something that will add value to the sector, because at the end of the day, what you would want to get into is renewables where you can save on gas molecules and use it for other commercial initiatives."

He also extended his congratulations to the new government, led by Prime Minister Kamla Persad-Bissessar and the new energy minister Roodal Moonilal.

"I think there is a lot to take place and there are a lot of exciting things that will happen. I think once they focus on good governance, leadership and management and the expertise that we have in the country and within the company, that excellence that we had for the past three years will continue to be the order of the day."

NGC has been without a substantive president since the late Mark Loquan stepped down in January 2024 amid his battle with cancer. Edmund Subrian is currently the interim president.

In a media conference at the Brix hotel in December last year, Khan said he would take his time to fill the position of president, raising concern at the time that the president of the company would be one of the first people to be axed should a new government take office in the April 28 general elections.

In January, NGC announced that it was restarting the recruitment process for president.

On May 14, Khan said the process has been ongoing up to his resignation, with Subrian still in the president’s position.

"The thing about it is, at NGC, we follow the recruitment and selection policy and process. So it doesn’t matter what government is in operation in my view. Good governance will have it that you continue to follow through.

"As long as you follow the correct human resource practices, you are bound to find the best fit for the job. I think that is what we all really want – the best fit to hold the leadership of NGC and take the company forward, and work along with the various stakeholders in the sector."

Asked about his future, Khan said he has always continued his profession as a project management consultant and strategist.

"This just means I have the opportunity to do more," he said.