Chairman’s Statement
On behalf of the Board of Directors, I am pleased to present the results of Trinidad and Tobago NGL Limited (“TTNGL” or “the Company”) for the financial year ended 31 December 2024.
TTNGL’s share of profit from its investment in Phoenix Park Gas Processors Limited (“PPGPL”) rose to TT$66.6 million in 2024, from TT$28.1 million in 2023—an increase of 137%. This reflects a solid growth in PPGPL’s performance and supports the Company’s broader efforts to stabilise earnings and long-term shareholder value.
PPGPL delivered a profit after tax of US$25.3 million (2023: US$10.7 million), driven by improved operational metrics. The key contributors to this performance included:
- An increase in gas volumes to Point Lisas for processing (1,052 mmscfd in 2024 vs.1,008 mmscfd in 2023),
- Higher uptime efficiency,
- 10% improvement in NGL content in the gas stream,
- Continued cost rationalisation, and
- A 10% increase in Mont Belvieu product prices, driven by global demand shifts, weather disruptions, and U.S. logistical constraints.
The North American trading subsidiary achieved a 21% increase in volumes. While margins were compressed, the business is being deliberately positioned for long-term commercial resilience. Strategic initiatives underway include optimising supply chains, refining pricing structures, and enhancing inventory and credit risk controls to improve returns as trading expands.