PORT OF SPAIN, Trinidad, May 19, CMC -The National Gas Company of Trinidad and Tobago Limited (NGC) Tuesdy said it has signed a new gas sales contract (GSC) with Methanol Holdings (Trinidad) Limited (MHTL), marking the completion of all downstream gas contract renewals with the country’s major petrochemical producers.
MHTL is the largest methanol producer on the Point Lisas Industrial Estate on the Gulf of Paria coastline in west-central Trinidad and under the new arrangement, NGC will continue supplying natural gas to support its methanol production operations at Point Lisas.
“These agreements reflect NGC’s proactive engagement with downstream stakeholders and its commitment to supporting the continued success and competitiveness of Trinidad and Tobago’s energy sector,” said NGC chairman Gerald Ramdeen.
“The successful conclusion of negotiations with all Proman Group companies demonstrates that constructive partnership and meaningful dialogue continue to deliver positive outcomes for the industry and the country. The execution of these contracts evidences the confidence that the downstream petrochemical sector has in the management of this country’s gas supply by NGC.”
Ramdeen said importantly, these contracts help secure continuity within Trinidad and Tobago’s globally recognised methanol and ammonia industries, supporting export activity, employment, foreign exchange earnings and long-term national development for the benefit of the people of Trinidad and Tobago.
He said the agreements form part of NGC’s broader efforts to strengthen the domestic gas value chain, support industrial stability and maintain Trinidad and Tobago’s position as a competitive and reliable energy producer.
“Despite all the noise, my Board, management and staff have not been distracted. Together, through dedication, commitment, hard work and by God’s grace, we have delivered value to our country and secured the best interest s of our people, our country and NGC,” Ramdeen added.
The Trinidad and Tobago Chamber of Industry and Commerce (T&T Chamber) said while it acknowledges the decision of the NGC to discontinue its relationship with the US-based rating agency, Moody’s, it is stressing the importance of transparency, consistency and investor confidence, particularly in relation to state enterprises and national economic interests.
In a statement, the private sector group said that NGC is entitled to make commercial decisions regarding its rating relationships noting also that credit ratings play a key role in shaping perceptions among investors, lenders and international stakeholders, and that any changes to rating relationships will naturally attract scrutiny and public interest.
The key issue is not solely which agency is retained, but whether there remains sufficient independent international oversight, credible disclosure of financial performance, and continued adherence to sound governance and fiscal management practices,” it added.
Last week, the NGC , which is 100 per cent state owned, confirmed it had discontinued its relationship with Moody’s Investors Service as part of a realignment of its external credit rating framework.
The company made the announcement only after the rating agency said it had withdrawn its ratings of NGC, including its Ba2 corporate family rating, Ba2 baseline credit assessment and Ba2 senior unsecured notes, following “inadequate information to monitor the ratings, due to the issuer’s decision to cease participation in the rating process.”
It said the outlook on the ratings had been negative prior to withdrawal.
NGC said that the contract its signed Tuesday reflects its ongoing commitment to ensuring the long-term sustainability and competitiveness of Trinidad and Tobago’s petrochemical sector.
In a statement, NGC said the successful conclusion of the agreement demonstrates renewed confidence among downstream petrochemical producers in the management of the sector and in NGC’s ability to deliver commercially sustainable outcomes, noting that the signing follows shortly after the execution of new GSCs for Proman’s ammonia plants, Caribbean Nitrogen Company Limited (CNC) and Nitrogen (2000) Unlimited (N2000).
The company said that the completion of all downstream contract renewals with the Switzerland-based Proman Group companies, underscores the confidence of key stakeholders in Trinidad and Tobago’s energy industry as it remains a major contributor to foreign exchange earnings, industrial activity, and employment.
It said the agreements were achieved through collaboration with downstream customers and are intended to support industrial continuity and long-term national value creation.
“NGC remains steadfast in fulfilling its commitments to customers and fostering stability across the gas value chain. This agreement supports a key downstream industry that creates significant value for Trinidad and Tobago and contributes to the country’s economic resilience,” said NGC’s acting President, Edmund Subryan.
CMC/ak/ir/2026