00:00This is a milestone achievement, Jule, for NGC, for the country, for the Ministry of Energy and for Parenko.
00:07Because on the signing of this contract, we have now concluded all our upstream contracts
00:13and we are able to now present to the downstream customers price, volume and term in terms of what gas
00:20we can supply to them.
00:22National Gas Company of Trinidad and Tobago Chairman Gerald Ramdeen speaking with TV6 News just after the ceremony
00:28for the renewal of gas sales contracts for the supply of gas from two offshore blocks, Block 2C and Block
00:363A.
00:37Parenko, Trinidad and Tobago Ltd. General Manager, Stefan Bach, spoke at the signing ceremony.
00:44Parenko, together with the GB partners, NCIL, Chaoyoung and Heritage Petroleum,
00:50is pleased to have entered into gas supply agreements with the National Gas Company and the Ministry of Energy.
00:56These agreements reflect the renewed trust and commitment between Parenko, its partners, the National Gas Company and the Ministry,
01:04and reinforce our long-term ambition and future in Trinidad and Tobago.
01:09Acting NGC President Edmund Sobrian said the agreements represent confidence in the local energy sector.
01:16These agreements are more than commercial arrangements.
01:20They represent continued investment in our country's economic resilience.
01:24They ensure that our industries remain competitive, that our power sector remains reliable,
01:29and that the benefits of our natural resources continue to reach the people of Trinidad and Tobago.
01:33The Trinidad and Tobago Manufacturers Association warned that a proposed 76% increase in the natural gas prices by the
01:42NGC
01:43from U.S. $3 to U.S. $5.30 per MMBTU could squeeze businesses already burdened by higher electricity costs
01:53and shipping fees,
01:54increasing the risk of broader inflation.
01:56The TT Chamber said that they understand that the government's need to increase its revenue base,
02:02but it must be taken into consideration the impact that the natural gas price increase will have on the end
02:08consumer
02:08in terms of increased pricing and the competitiveness of products per export.
02:14TV6 News sought an update from the chairman of the NGC.
02:18He used the term LIC, or Light Industrial Commercial Customers.
02:24In terms of the pricing issue, anything new on that as well, in terms of the manufacturing sector in particular?
02:31Well, we've been having negotiations with our customers.
02:34We've been having negotiations at the NGC.
02:37We've been having negotiations with the Ministry of Energy and with the Prime Minister.
02:42And what I can say is that these negotiations are ongoing.
02:46We have offered a three-year contract to the LIC customers.
02:49But what we see on the horizon and the prices that we've offered the LIC customers,
02:55we think that we can offer some more favorable terms to them, and we're in the process of trying to
02:59do that.
03:00In response to a question from TV6 News, Chairman Ramdeen said that in the coming weeks,
03:04the NGC hopes to close contracts with the downstream sector,
03:08which includes the industrial plants at the Pointe-Lisus Industrial Estate, Atlantic LNG in Pointe 14, and TNTech.
03:14The volume of gas that we supply to the LIC customers outside of TCL is really about 10 million standard
03:21cubic feet of gas,
03:22which is not a large amount of gas.
03:24So their supply is guaranteed.
03:26One of the things that we have, the new board has been mandated to do at the NGC,
03:32is to double that supply from 9 million, 10 million standard cubic feet to 20 million standard cubic feet,
03:39because we want to encourage more people to come on our network, to use natural gas in their production process,
03:46because it is cheap and it is reliable and it is good for the environment.
03:50Chairman Ramdeen gave recognition to the Energy Minister, Dr. Rural Munilal,
03:55and the Minister in the Ministry of Energy, Onesto Kisar.
03:58Jewel Brown, TV6 News.
04:00Jewel Brown, TV6 News.
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