NGC ‘broken’ before board took office

Gerald Ramdeen, chairman of the National Gas Company of Trinidad and Tobago Ltd (NGC), stated that the state-owned energy company was "broken" upon the new board's arrival in July 2025. However, he announced a major financial turnaround, with NGC reporting its strongest profit after tax in over a decade at $3.46 billion for 2025, an increase of 111% from the previous year.

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When we went into the National Gas Company in July of 2025, we met a company that was broken.

Ramdeen detailed that operating expenses, which were around $1.7 billion when the board took office, were reduced by over $500 million within six months. He also highlighted the repair of a 24-inch pipeline, which had been out of service for four and a half years and cost the country $1.5 billion, completed within six months under the new leadership. The company also ended an informal overdraft exceeding US$100 million extended to a private downstream customer and addressed discrepancies in currency payments for gas.

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That cost this country $1.5 billion. It was repaired within six months under the new leadership of the NGC from July of last year.

NGC's improved financial performance, including a doubling of its return on equity and assets, is attributed to closer cooperation between NGC, the Ministry of Energy and Energy Industries, the Ministry of Finance, and the Central Bank. Ramdeen emphasized the unprecedented synergy among government departments and regulators.

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The synergy that exists today between the different departments of Government, the regulator of the financial system and the Ministry of Energy is like nothing that has ever been done before in this country.

Looking forward, Ramdeen outlined NGC's new vision to expand beyond its traditional midstream role. The company aims to become a leading player in the upstream sector, maintain its midstream operations, and establish a significant presence downstream. NGC intends to be a primary revenue generator for Trinidad and Tobago, with Ramdeen stating that "the work has just begun" and the company is poised for decisions that could transform the nation's energy sector for future generations.

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The new vision of the NGC is to be a leading player in the upstream, continue to do its role in the midstream, and have a significant role in the downstream.