In August 2013, The National Gas Company of Trinidad and Tobago Limited (NGC) acquired an the 39% of Phoenix Park Gas Processors Limited’s (PPGPL) equity from ConocoPhillips. PPGPL is an operating company in the natural gas sector that processes natural gas, fractionates and markets the extracted Natural Gas Liquids (NGL). The processed residue gas is transported via pipeline to the downstream petrochemical producers, manufacturers and power generation facilities. In February 2014, NGC transferred its 39% shareholding into a newly formed entity – Trinidad and Tobago NGL Limited (TTNGL).
NGC formed TTNGL to enable the public to participate in the ownership of energy assets in the local energy sector. This participation was facilitated through NGC’s promotion of an Initial Public Offering and Additional Public Offering of shares in TTNGL in 2015 and 2017. TTNGL’s primary source of income is dividend derived from the operations of PPGPL. TTNGL distributes dividends in accordance with its dividend policy to its shareholders.
While TTNGL has only recent history as an operating entity, its underlying investment, PPGPL, is a company with over 30 years of operating history in Trinidad and Tobago’s energy sector, and with whom NGC has had a long term commercial relationship. PPGPL operates Trinidad and Tobago’s only natural gas processing and natural gas liquids fractionation plant and is the largest producer and marketer of propane, mixed butane, isobutane and natural gasoline in Trinidad and Tobago.