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The National Gas Company of Trinidad and Tobago (NGC) is currently investigating its Phoenix Park subsidiaries based in the US. This comes in response to repeated losses, leading to the suspension of three personnel and the resignation of one. The chairman of NGC, Gerald Ramdeen, made these remarks during a recent press conference at the Hyatt Regency Hotel in Trinidad.
The investigation is aimed at understanding the reasons behind the repeated investments in ventures that continually resulted in losses. Ramdeen expressed his determination to ensure future investment decisions are more disciplined and carefully thought out. However, he declined to comment on the potential sale of TTNGL’s US assets.
The chairman confirmed that the investigations are ongoing in both Trinidad and Tobago and the US. Despite the current issues, Ramdeen noted that the rising global prices for LNG and petrochemicals are benefiting the country.
In addition to dealing with the current situation, efforts are being made to reclaim value from previously sanctioned projects. Ramdeen added that the NGC is focused on securing a greater upstream supply, which he believes will help to stabilize the situation.
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