The NGC group of com­pa­nies has record­ed a net prof­it of TT$1.6B for the six months of the year end­ed June 30, 2022. This is a 260 per cent in­crease when com­pared to a prof­it of TT$437M in 2021.

The NGC group al­so not­ed its rev­enues of TT$16.6B were TT$7.1B greater than rev­enues of TT$9.5B for the same pe­ri­od in 2021.

It ex­plained the re­bound in com­mod­i­ty prices pos­i­tive­ly im­pact­ed rev­enues and mar­gins.

Ac­cord­ing to the NGC prices of am­mo­nia, methanol, liq­ue­fied nat­ur­al gas and nat­ur­al gas liq­uids (NGLs) in­creased by 185 per cent, four per cent, 457 per cent and 72 per cent re­spec­tive­ly.

The first half of 2022 was over­shad­owed by the in­va­sion of Ukraine by Rus­sia, the NGC said adding the es­ca­lat­ing con­flict and en­su­ing trade em­bar­goes im­pact­ed en­er­gy sup­ply in Eu­rope, dri­ving prices up.

“As a re­sult, the 2021 trend of ro­bust com­mod­i­ty prices has been main­tained through this re­port­ing pe­ri­od,” the com­pa­ny said.

It added the group con­tin­ued to fo­cus on strength­en­ing its busi­ness foun­da­tions and grow­ing in­to new com­mer­cial ar­eas.

To guide its work pro­gramme, the group al­so com­plet­ed and sub­mit­ted to the Min­istry of En­er­gy and En­er­gy In­dus­tries its new strate­gic plan to 2025.

In­ter­nal­ly, the Board of Di­rec­tors ap­proved a re­vised ap­proach to the ex­e­cu­tion of green agen­da ini­tia­tives across the group, which will stream­line ef­forts and max­imise im­pact, the NGC said.

On the down­stream side, the NGC signed an agree­ment with Pro­man to lift methanol car­goes from Methanol Hold­ings (Trinidad) Ltd’s (MHTL’s) Point Lisas fa­cil­i­ties, which will al­low for the ex­pan­sion of its en­er­gy mar­ket­ing and trad­ing port­fo­lio.

A gas sales con­tract was al­so signed with Trinidad Ce­ment Ltd (TCL) to sup­port con­tin­ued op­er­a­tions at its plants.

With re­spect to the fu­ture of At­lantic LNG, the NGC said it con­tin­ued to par­tic­i­pate in dis­cus­sions with Gov­ern­ment and share­hold­ers around uni­ti­sa­tion, with ne­go­ti­a­tions now well-ad­vanced.

It added ex­pan­sion of the busi­ness be­yond T&T has re­mained a top pri­or­i­ty in 2022.

Group mem­ber Phoenix Park Gas Proces­sors Ltd (PPG­PL) ac­quired a new NGL ter­mi­nal in Hull, Texas which opens ac­cess to mar­kets in Mex­i­co and the USA there­by di­ver­si­fy­ing the com­pa­ny’s in­come stream.