00:00Soon after the NGC announced its new agreement with Methanol Holdings Trinidad Limited, M-H-T-L, TV6 users spoke
00:08via telephone with the state enterprises chairman, Gerald Ramdeen.
00:12This M-H-T-L is the largest Methanol producer on the Point Leases of State and it has taken
00:19some time for us to agree the terms of the new gas sales contract and bound by confidentiality obligations.
00:27I really wish I could have disclosed the details of the contract that was signed because what I can tell
00:35you is that the people of this country can be confident that this contract represents a significant increase in the
00:44value that belongs to the people, to the natural gas company and to our country.
00:49Within recent years, the supply of natural gas has been a serious issue, one which the former PNM-led government
00:55said it was working to solve domestically as it sought gas from Venezuela.
01:01We are in a challenged gas supply environment and because of policy decisions that have been made before 2025, that
01:11situation has been made worse for the NGC.
01:13But despite the challenges, what we have been able to do at the National Gas Company is to be able
01:21to increase the volumes that have been offered to our downstream petrochemical customers and that is what has taken some
01:31time.
01:31Since last year's general election, the NGC-led government announced its efforts to increase local deep water gas exploration while
01:41it is also seeking cross-border gas supplies.
01:44The NGC now is ensuring that any contracts that are signed with our petrochemical downstream customers bring the best value
01:56to the citizens of this country because the resource that we manage belongs to the citizens of this country.
02:22Concerns have been raised by the Manufacturers Association about the proposed increase in the price of gas supplied to the
02:29LIC, or light industrial commercial sector.
02:32All of the LIC customers were afforded a three-year contract. Some of them took one year, some of them
02:38took three years.
02:39But what I can say is that the NGC has taken a conscious effort to make a special tranche of
02:46gas available to our manufacturing sector because we understand the importance of that sector to the country.
02:52And as we renegotiate terms on the upstream, if the prices become favorable, we intend to look again at those
03:04contracts because we always have the best interests of the manufacturing sector at heart.
03:09Upstreamers include oil and gas exploration multinationals such as BP and Shell.
03:15Mr. Ramdeen also responded to criticisms from the opposition about plants not operating at Point Lisas and recent concerns that
03:22Moody's Investor Service said because of inadequate information, it has withdrawn all of its credit rankings for the NGC.
03:31The NGC has not been distracted. We will answer all of the noise by the results that we bring to
03:38the people of this country.
03:40The NGC said on May 15th that it does not consider the previously assigned sub-investment grade by Moody's to
03:47be an accurate reflection of its stand-alone credit profile and discontinued its relationship with Moody's effective February 26th, 2026.
03:57Jule Brown, TV6 News.
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