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TTNGL Chief Financial Officer Sheldon Sylvester, left, with The NGC Group Chairman Conrad Enill and Phoenix Park Gas Processors Limited President Dominic Rampersad after yesterday’s media conference at the Hyatt Regency Hotel, Wrightson Road, Port-of-Spain.

GEISHA KOWLESSAR-ALONZO

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TTNGL’s has seen a massive increase in its profits for 2021 when compared with 2020 and the company has said its success is based on the huge increase in energy prices last year and importantly an increase in access to natural gas with significant liquids to process.

In its audited financial statement for the year ended December 31, 2021 the company recorded an after-tax profit of TT $512.8 million, which represents a 373.6 per cent increase over the 2020 results of TT$6.4 million (excluding 2021: impairment gain of TT$302.1million; 2020: impairment loss of TT$38.1 million).

Earnings per share have also increased from the 2020 TT$0.04 to TT$3.31 at end of 2021.

It was also noted that PPGPL recorded a profit after tax of TT$545.0 million at year end 2021, a 366.6 per cent improvement when compared to TT$116.8 million for the corresponding period of 2020.

This strong performance stemmed from higher recognised Mont Belvieu NGL product prices, which were 112.3 per cent greater than 2020, and improved NGL production from the higher margin gas processing segment.

Additionally, NGL production from gas processing was 11.8 per cent higher than 2020 and was driven by a 7.7 per cent increase in gas volumes for processing (2021: 1,141 million standard cubic feet per day), the statement said.

A five per cent increase in the NGL content of the gas stream was also recorded.

Chairman of the Trinidad and Tobago NGL Limited (TTNGL) and NGC Group Chairman Conrad Enill said this country is comfortable with its present supply scenario for the rest of the year.

However, beyond that there are some considerations which are currently being examined Enill added while speaking during a media briefing held yesterday during which the company presented its performance over the last financial year ended December 31, 2021.

“I believe that we would be ok for the next year. Beyond that there are some investment decisions that are being considered which, however they turn out, will either improve our situation or keep it as it is,” Enill added.

According to TTNGL and the NGC Chairman, the NGC, during the course of this year, will also be looking at renewal of contracts.

“And of course we have the challenge of understanding what is taking place on the upstream and therefore, what the commitments are for the petrochemical sector,” Enill explained.

He also noted that “at this point in time,” there are conversations taking place and matters being finalised.

However, he said according to the information available to him progress is being made, noting that some announcements are expected to be made with respect to those matters.

Pressed further whether he could say more on those investment decisions, Enill said there are currently being discussed with the Government and the multinationals.

Dominic Rampersad president of Phoenix Park Gas Processors Limited (PPGPL), the underlying asset of TTNGL, said PPGPL intends to “push its business out” to ensure strategic investments in various markets, noting that as the markets become more competitive in North America and other parts of the works, it is important that they are secured.

“Our aspiration is not only to grow a business in North America but the value chain will also extend into the value chain that PPGLP is also aspiring to so that we ensure that our North American business is also aligned with our Trinidadian business,” Rampersad added.

Noting that the company acquired the Hull terminal in 2022 at a cost of US $32 million Rampersad said that terminal is in expansion mode.

Saying that when it was acquired it was around 33 per cent capacity, Rampersad said from May 1, 2022 that terminal is expected to be at 100 per cent utilisation.