The Caribbean Nitrogen Company (CNC) said it risked becoming uncompetitive in the global ammonia market if it had accepted proposals for a long-term contract by the National Gas Company (NGC).
According to a release issued by the company, it did not accept NGC's final offer as it would have put the plant in a negative financial position.
The move it said would have led to business becoming unsustainable.
The release also sought to clarify information that may affect its future.
Caribbean Nitrogen Company (CNC) says it is willing to return to the negotiating table but only with independent verification.
CNC says the National Gas Company has not offered a fair price for both parties.
The company issued the following statement Friday afternoon:
"All parties were working to resolve this situation until the gas was turned off, forcing us to close our operations.
The Ministry of Energy and Energy Industries through a release issued to the media says the government has noted with concern the language being used by the Caribbean Nitrogen Company (CNC) in its public utterances with respect to the breakdown of commercial negotiations it was involved in with the National Gas Company (NGC).
The ministry says that it is no secret that there have been, and are, gas curtailment issues currently affecting the hydrocarbon industry.
It says it is also not a secret that NGC from 2019 has to pay significantly higher prices for gas.
The National Gas Company (NGC) is condemning what it calls an unwarranted attack on chairman Gerry Brooks.
This follows a statement by the Caribbean Nitrogen Company (CNC) on Thursday, which placed the blame for the shutdown of its plant at the feet of Brooks.
The NGC replied with a statement on Friday:
"NGC categorically condemns and rejects the unprofessional, personal and unwarranted attack on its Chairman and Board by CNC.
The battle between the National Gas Company (NGC) and Caribbean Nitrogen Company (CNC) is now heading to the Court of Arbitration in the United Kingdom, the result of which could have dire consequences for both companies.
At the heart of the battle is the price the NGC is prepared to sell natural gas to the downstream companies, the continued shortage of gas and recent contracts signed by Prime Minister Dr Keith Rowley which wedded the NGC to pay higher prices for gas from both bpTT and EOG Resources. Ironically EOG Resources is a major shareholder of CNC.
Caribbean Nitrogen Company (CNC) which has stopped operations after the National Gas Company (NGC) cut off its gas supply due to contractual issues, is lashing out against NGC's chairman Gerry Brooks, accusing him of heavy-handed tactics towards them.
In a statement issued Thursday afternoon, CNC's Chief Executive Officer, Jerome Dookie, accuses Brooks of negatively affecting the livelihoods of over 400 workers.
The following is CNC's statement.