YOUNG: BAD PP GOV’T DEAL LED TO $B NGC LOSS

CCNTV6

The National Gas Company saw a record loss of more than a billion dollars, last year, according the Energy Minister.  But, the current government is not to blame, Minister Young said at a news conference, on Thursday.  He's blaming the loss on decisions made while the U-N-C and its partners made up the former government

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00:00The losses by NGC in 2023 are solely attributable to a transaction in 2013 of the purchase of

00:11Conoco shares in PPGPL at an overvalue and secondly, one of the worst contracts a government

00:18could have entered into in the energy sector in 2014-2015 in CGCL.

00:24The National Gas Company suffered a $1.3 billion loss last year and the Energy Minister

00:31blames decisions made during the People's Partnerships time in office.

00:42The opposition UNC has accused the government of breaking NGC but Young says while the UNC

00:49was in office in 2013, NGC made an overvalued investment into Phoenix Park Gas Processes

00:56Ltd.

01:10According to Young, now that NGC has taken that hit, that PPGPL investment remains a

01:17very good one.

01:18Then there's the investment into Caribbean Gas Chemical Ltd.

01:23NGC is still trying to find a new president as the Energy Minister says the first recruitment

01:36attempt was futile.

01:49Anselm Gibbs, TV6 News.

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