I am pleased to report that for the nine months ended 30 September 2021, Trinidad and Tobago NGL Limited (‘TTNGL’ / ‘Company’) recorded an improvement of 347% in profit after tax over the corresponding period in the prior year, 2020. For the period, after-tax earnings were TT$134.1 million, compared to TT$30.0 million in 2020. This translates to earnings per share of TT$0.87, which represents an increase of TT$0.68 over 2020. TTNGL’s much improved performance was driven by its underlying asset, Phoenix Park Gas Processors Limited’s (‘PPGPL’s’) results.

Natural Gas volumes to Point Lisas for processing stood at 1,096 million standard cubic feet per day, and these volumes were a result of increased downstream consumer Gas demand as the petrochemical sector continued to ramp up production. Natural Gas Liquids (‘NGLs’) production from Gas processing was also enhanced because of higher NGL content in the Gas stream. This increase was achieved through the rationalisation of the Gas supply mix provided by The National Gas Company of Trinidad and Tobago Limited (NGC). The increase in NGL production as well as growth in the product trading arm of the business enabled PPGPL to benefit from additional revenue derived from improved Mont Belvieu NGL prices as energy markets recovered from the impacts of the Covid-19 pandemic.

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