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TT NGC gas supply problem not solved - NGC's Gerry Brooks

 

 

 

By Nadaleen Singh

PORT SPAIN
Petroleumworld 06 28 2018

Although there are measures in place to address gas supply, the problem has not been solved. Chairman of the National Gas Company of T&T Limited (NGC) Gerry Brooks says there is still a curtailment of about ten per cent.

“We will improve production, revenue and margin but we are still challenged with the gas supply,” he said when he addressed a breakfast and networking session hosted by the T&T Chamber of Industry and Commerce (TTCIC, Business Outlook 2018/2019, in Westmoorings yesterday.

Brooks said choices would have to be made as to which plants stayed up but that was not unique to the T&T market since global trends showed that plants hadbeen shut down.

Highlighting other aspects of NGC's performance, he said the gas company was expected to show 37 per cent growth compared to 2016 and it has made more tax and dividend contributions to T&T than some multinational companies.

Trade Minister Paula Gopee Scoon, in her feature address, gave an update on various initiatives which were expected to be implemented soon.

On the issue of Eximbank's US $100 million facility introduced to make US currency available to manufacturers she said: “We are in the process of implementation. Applications are being received from manufacturers.”

She also revealed that the scanners at the Port-of-Spain port will be operationalised by the end of the month.

Commenting on the exchange rate, John Aboud, chairman of Fouraime Enterprises and Superior Hotels, said he is satisfied that the exchange rate is stable. He said this is an advantage when it comes to settling debt with creditors.

Chamber CEO Gabriel Faria announced that an official from the World Bank is expected to visit next week for discussions on entrepreneurship and funding.

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