NGC: We've been trying to secure a mutually-acceptable agreement with CNC

The National Gas Company (NGC) is advising that effective Wednesday 24th January 2018, the Gas Sales Agreement between The National Gas Company of Trinidad and Tobago Limited (NGC) and Caribbean Nitrogen Company (CNC) expired.

NGC says that regrettably, and despite NGC’s best efforts, no agreement was reached with CNC on this matter.

This follows a statement by CNC this morning, indicating that the plant is being closed immediately.

NGC says it will continue to exert all reasonable efforts to try to secure a mutually-acceptable agreement.

It adds that these efforts are predicated on the new reality of higher gas acquisition costs and the need for improved efficiencies across the value chain.

NGC says it has and will continue to honour its obligations to all contracted customers consistent with subsisting agreements.

The statement sent by the company says it should be noted that all contract discussions are privileged and subject to the strictest confidentiality.

"NGC therefore cannot make any further comments and it will continue to work assiduously and professionally to secure a mutually-acceptable agreement," the statement said.

It added that the Government and NGC are mandated to act in the best commercial and financial interests of the people of Trinidad and Tobago. Therefore, all actions by the Company shall be consistent with this mandate.

 

 

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