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Ramnarine hails transformation of NGC
Posted On 28 Dec 2013
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Energy Minister Kevin Ramnarine says 2014 will be the best for natural gas production in T&T in three years. Speaking at the National Gas Company’s (NGC) Christmas Dinner at the Hyatt Regency Hotel, Ramnarine said 2013 will go down as the year the NGC was transformed from a company with a narrow remit to transport, aggregate and market natural gas to a fully integrated gas company.
The minister said in 2013 three major things were done at the NGC. These included a move by the company to self-market its LNG cargoes, acquisition of 39 per cent of Phoenix Park Gas Processors Limited (PPGPL) and the acquisition of blocks 2C and 3A. “This gives us a larger presence in the upstream,” Ramnarine said. He said in 2014 NGC would continue to explore opportunities in small scale LNG in the Caribbean and opportunities in Africa.
“There will be an LNG business in the Caribbean and we intend to lead it,” he said. The Energy Minister said 2014 comes with some big initiatives including:
• The start of work on the Mitsubishi Methanol DME plant.
• The CNG initiative.
• The moving forward of the Loran-Manatee development
• Listing of a portion of PPGPL on the T&T Stock Exchange, which Ramnarine predicted “may eclipse the FCB IPO of 2013”.
• Commencement of talks with bpTT and BG for the regeneration of their domestic contracts and for a new Train 1.
NGC chairman Roop Chan Chadeesingh, said the company is excited about being a part of the national drive to promote CNC use. He said once this is successful NGC can look forward to an increase in natural gas sales. With respect to NGC’s pension plan, Chadeesingh said the board has granted approval for funding the defecit amount of $327.3 million over a period of 20 years from January 2013 to December 2033 at a monthly contribution of 33.5 per cent pensionable salaries or $4.8 million 2013.
Chadeesingh said this year NGC initiated awarded four post graduate scholarships at international institutions. He said the company intends to continue this programme to address skill and qualifications needed in niche areas of the energy sector.
