Point Lisas Under Pressure Despite NGC Profit Surge

The Trinidad Express highlights a critical situation unfolding at the Point Lisas Industrial Estate, where a surge in profits for the National Gas Company (NGC) is juxtaposed against the operational struggles of downstream industries. The report details how numerous plants are currently offline, a stark contrast to the NGC's reported $3.285 billion after-tax profit.

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The plants are offline at Point Lisas as a direct result of the incompetence of (NGC chairman Gerald) Ramdeen and (NGC director and Atlantic LNG chair Dr) Rampersad Motilal at the NGC and the short-sighted decisions that they are taking at NGC to shift gas allocation from their customers—i.e., the petrochemical plants—to send the molecules of gas to ALNG.

Former prime minister and energy minister Stuart Young sharply criticizes the NGC's management, specifically naming chairman Gerald Ramdeen and director Dr. Rampersad Motilal. Young alleges that the company's decision to reallocate gas molecules from petrochemical plant customers to Atlantic LNG (ALNG) is a direct result of incompetence and short-sightedness. He argues this move is destroying vital long-term commercial relationships, which could have severe repercussions for Trinidad and Tobago's economy.

Young's warnings are dire: the instability could prompt plant owners to seek more reliable and attractive terms elsewhere, leading to significant job losses, business closures, and a decline in foreign exchange earnings. He emphasizes that while current LNG prices are high due to global events, sacrificing stable, long-term commercial ties for short-term gains is a perilous strategy. The Express frames this as a potential branding issue for T&T, risking its reputation as a stable place for energy sector investment.

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What this is doing is destroying the long-term relationships with NGC customers at Point Lisas, and that will be very costly to T&T.

From the perspective of the Trinidad Express, this story is deeply concerning as it touches upon the core of the nation's energy sector and economic stability. The criticism leveled against the current NGC leadership reflects a political opposition's viewpoint, highlighting perceived mismanagement under the current administration. The emphasis on "long-term commercial relationships" and the potential "loss of business" resonates strongly within Trinidad and Tobago, where the energy sector is a crucial pillar of the economy. The article underscores the vital need for sound energy policy and stable management to ensure the nation's continued prosperity.

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If T&T becomes branded as an unstable and volatile place to do business, we may lose our business in the energy sector to nearby countries that offer more attractive terms and stable relationships.