economy

NGC, CNC head to UK Court of Arbitration

The battle between the National Gas Company (NGC) and Caribbean Nitrogen Company (CNC) is now heading to the Court of Arbitration in the United Kingdom, the result of which could have dire consequences for both companies.

At the heart of the battle is the price the NGC is prepared to sell natural gas to the downstream companies, the continued shortage of gas and recent contracts signed by Prime Minister Dr Keith Rowley which wedded the NGC to pay higher prices for gas from both bpTT and EOG Resources. Ironically EOG Resources is a major shareholder of CNC.

CNC blames NGC chairman Gerry Brooks for shutdown of ammonia plant

Caribbean Nitrogen Company (CNC) which has stopped operations after the National Gas Company (NGC) cut off its gas supply due to contractual issues, is lashing out against NGC's chairman Gerry Brooks, accusing him of heavy-handed tactics towards them.

In a statement issued Thursday afternoon, CNC's Chief Executive Officer, Jerome Dookie, accuses Brooks of negatively affecting the livelihoods of over 400 workers.

The following is CNC's statement.

Republic Financial Holdings Limited makes $340 million in first quarter profit

Republic Financial Holdings Limited (RFHL) has recorded a profit attributable to shareholders of $340 million for the first quarter of its financial year, ending December 31, 2017.

This represents an increase of $10.2 million (3.1%) over the corresponding period in 2017.

Total assets of RFHL stood at $70 billion at December 31, 2017, an increase of 2.2% over total assets as at December 2016 and 1.5% over September, 2017.

Petrotrin's overtime bill stands at $22 million

Despite facing a financial bind, the monthly overtime bill at State-owned Petrotrin is $22 million, while its annual wage bill to its 5,000 employees amounts to $2 billion.

This was what was revealed before a Joint Select Committee (JSC) chaired by Finance Minister Colm Imbert on Energy Affairs, as senior management of Petrotrin was yesterday interrogated into the operations of the energy company at the ANR Robinson Room, Tower D, Port-of-Spain.

NGC: We've been trying to secure a mutually-acceptable agreement with CNC

The National Gas Company (NGC) is advising that effective Wednesday 24th January 2018, the Gas Sales Agreement between The National Gas Company of Trinidad and Tobago Limited (NGC) and Caribbean Nitrogen Company (CNC) expired.

NGC says that regrettably, and despite NGC’s best efforts, no agreement was reached with CNC on this matter.

This follows a statement by CNC this morning, indicating that the plant is being closed immediately.

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