CNC signs long-term gas supply agreement wth NGC

CNC signs long-term gas supply agreement with NGC

On 1st April 2018, Caribbean Nitrogen Company Ltd. (CNC) announced the completion of negotiations with The National Gas Company of Trinidad and Tobago Limited (NGC), signing a new long-term contract that secures gas supply to CNC's Ammonia Plant.

Chief Executive Officer of CNC, Jerome Dookie, said: "The new gas supply agreement is significant for our business and for our customers, and is a step forward for the energy sector in Trinidad and Tobago. We have been part of the Point Lisas success story since construction of our plant started in the year 2000. Over the period 2000 to 2017, CNC has contributed more than US$2.5 billion to the national economy. We are also a major generator of foreign exchange for the country. The completion of negotiations with NGC is a positive outcome for all parties and the country at large. I am proud of our talented workforce, which is 100% local. The security of staff employment and business sustainability have been, and will continue to be, among the company's highest priorities. Our immediate focus is to get production underway and bring our highly skilled team back to work. This is a time to look to the future and to focus on the long-term viability of the downstream industry on the Point Lisas Industrial Estate. "

Following completion of the negotiations, NGC has resumed gas supply to CNC and the plant is in the process of ramping up to full operational status by our operations and technical Industrial Plant Services Limited (IPSL) teams.

Further to our release of 14th March 2018, we would again like to thank the Honourable Minister Stuart Young, Minister in the Ministry of the Attorney General and Legal Affairs and Minister in the Office of the Prime Minister, and Senator The Honourable Franklin Khan, Minister of Energy and Energy Industries for their respective roles in helping to bring the negotiations with NGC to a successful conclusion.

CARIBBEAN NITROGEN COMPANY LIMITED