NGL?exploring Africa and Latin America

Nadaleen Singh

T&T Na­tion­al Gas Lim­it­ed (TTNGL) is ex­plor­ing prospects in Africa and Latin Amer­i­ca, chair­man Ger­ry Brooks said yes­ter­day.

In his re­port to share­hold­ers at the en­er­gy com­pa­ny’s an­nu­al gen­er­al meet­ing at the Trinidad Hilton and Con­fer­ence Cen­tre, Brooks said there are plans to lever­age the com­pa­ny’s 100 years of col­lec­tive ex­pe­ri­ence in the en­er­gy in­dus­try “to the ben­e­fit of Ghana, Tan­za­nia, Mozam­bique and emerg­ing ju­ris­dic­tions which have come and tak­en a look at our Point Lisas Es­tate and seen the tremen­dous strides we have made.”

Speak­ing just hours be­fore he left the coun­try to join Prime Min­is­ter Dr Kei­th Row­ley on an of­fi­cial trip to Ghana, Brooks said TTNGL will be­come in­ter­na­tion­alised once it starts to do busi­ness in mar­kets out­side of T&T.

“Al­ready, there are two teams in Africa look­ing at gas pro­cess­ing op­por­tu­ni­ties, port op­por­tu­ni­ties, pip­ing op­por­tu­ni­ties,” he said, adding that the com­pa­ny is al­so look­ing at pos­si­ble mar­kets in Latin Amer­i­ca.

Apart from find­ing new mar­kets, Brooks said TTNGL has made strides in cut­ting costs with mea­sures such as hav­ing one in­sur­ance en­ti­ty for the com­pa­ny rather than two which re­sult­ed in high costs. He said dis­cus­sions are al­so tak­ing place with sup­pli­ers “on how we can re-en­gi­neer the busi­ness to be able to ef­fect cost sav­ings.”

Brooks not­ed that freight costs have been re­duced as a re­sult of low­er oil prices and oth­er fac­tors.

Among plans be­ing con­sid­er is de­vel­op­ment of the Union Es­tate “in­to a sec­ond Point Lisas”, as well as ex­pand­ing in­to a Point Lisas North and South.

In the short-terms, he added, there will be ex­pan­sion of con­struc­tion ac­tiv­i­ties and in­creased en­er­gy jobs.

Brooks said the methanol plant be­ing de­vel­oped joint­ly with Massy Hold­ings Lim­it­ed and Japan­ese com­pa­nies Mit­subishi Gas Chem­i­cal Com­pa­ny, Mit­subishi Corp and Mit­subishi Heavy In­dus­tries, is ex­pect­ed in 2018/2019.

There was lusty ap­plause from share­hold­ers when Brooks re­vealed that the op­tion of of­fer­ing div­i­dends in US dol­lars was be­ing con­sid­ered. He said TTNGL shares, which are cur­rent­ly val­ued at $19.52, are “at­trac­tive­ly priced, with a div­i­dend yield of 7.9 per cent.”

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Publish date : 2024-08-02 16:49:00

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