national energy corporation
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Corporate BrochureTRANSCRIPT
KEEPING THE GAS
FLOWING
National Energy Corporation of Trinidad and Tobago
Trinidad & Tobago is one of the richest countries in the Caribbean and unlike many of its neighbours, boasts a robust industrialised economy with a rich heritage in the natural gas, oil and petrochemical industries. Today the nation is one of the leading global exporters of liquefied natural gas (LNG), methanol and ammonia; a point highlighted by the fact that Trinidad and Tobago supplies the US with over 70% of its LNG requirements via the Atlantic LNG Company and its four trains which produce and transport 14.8 million tons of LNG each year. Statistically speaking, the energy sector accounts for around 40% of Trinidad and Tobago’s GDP and nearly 80% of its export market, so it is therefore of little surprise that many industry experts consider the nation’s facilities to be world-class, such is the investment in the energy sector and the hundreds of billions of dollars that are at stake.
The National Energy Corporation of Trinidad and Tobago – a wholly owned subsidiary of the National Gas Company of Trinidad and Tobago – has for more than 30 years been committed to providing an invaluable service to its parent company and the wider national gas industry, through its role in supporting the infrastructure and development of the nation’s gas based energy industry, not to mention its role in developing new business and investment within the sector.
Setup in 1979 to continue the work first started by the Coordinating Task Force in monetising the country’s extensive natural gas resources and establishing an industrial and marine infrastructure, the National Energy Corporation of Trinidad and Tobago Limited (NEC) is true to its company mandate which states that its core business is “the conceptualisation, promotion, development and facilitation of new energy-based and downstream industries in Trinidad
The sun-kissed Caribbean state of Trinidad and Tobago has seen its increasingly buoyant economy take great strides forward in recent years, as a result of its world-class natural gas, oil and petrochemicals sector. The ever increasing growth of, and investment into these industries indicate that the future looks increasingly golden for Trinidad and Tobago, its economy and its inhabitants; especially as plans to use these resources to diversify into new markets are on the table. Dr. Vernon Paltoo, President of the National Energy Corporation of Trinidad and Tobago told Endeavour Magazine more about the company and the state of the industry.
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National Energy Corporation of Trinidad and Tobago
and Tobago.” Though this may perhaps sound ambiguous, the range of services that the NEC provides is as vast and varied as this mandate suggests.
In its primary role as overseer to the nation’s gas-based industry infrastructure, the NEC is tasked with being responsible for the development and identification of new industrial estates as well as the deep water ports that service them, with such projects providing a crucial contribution to the national economy through the creation of strategic national assets in the marine, energy and infrastructure sectors. This infrastructure development function spans the full spectrum of procurement, design, project implementation and supervision of publicly funded projects, and sees the NEC working closely alongside the relevant statutory bodies and authorities in order to achieve optimal results for the industry’s stakeholders, which include government, local and international investors, consultants and contractors.
In addition to this, the NEC is also responsible for the maintenance and management of Trinidad and Tobago’s two existing industrial estates and port facilities which are essential in servicing the nation’s energy and industrial sectors. Supervising the smooth operation of the La Brea Industrial Estate and Port -which is comprised of 400-acres of land developed for industrial use, an $80 million fabrication facility that has successfully completed 9 offshore platforms since 2010, and the port facility which can accommodate cargo shipping and provide maintenance and
repairs - is important in this respect. The newly completed Union Industrial Estate and Port of Brighton also falls under the NEC’s remit, and has provided a further 400-hectares of land catering specifically for both the heavy and light downstream gas-based industries. With 307m of quay wall that can accommodate vessels of up to Handymax size, a harbour depth of 12.8m and capacity for the storage of high volumes of goods, this new estate has added another string to the bow of NEC and has greatly improved the capabilities and scale of Trinidad and Tobago’s energy infrastructure. A new phase of development for industries at Union Industrial Estate, which will thereby allow for further expansion of its downstream energy sector and the generation of greater economic activity in the south-eastern region of the country, is due in the near future.
However although existing downstream natural gas-based ventures have been economically beneficial to Trinidad & Tobago in terms of revenue, employment and capital creation, Dr. Vernon Paltoo, President of the NEC, believes that there is scope for improvement and evolution, in that a greater value added element of monetising natural gas occurs when products such as LNG, ammonia, methanol and iron are used in the production of tertiary and consumer goods – derivative products, and that this opens up new opportunities for the islands.
“New businesses centred on these downstream derivative products would allow for levels of product differentiation
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National Energy Corporation of Trinidad and Tobago
that do not exist in the production of primary chemicals such as methanol and ammonia
In this regard, the strategy for development of the downstream natural gas industry is premised on building a diversified and sustainable energy industry. As such, new projects would focus on downstream developments and opportunities which include higher valued products, thus creating greater added-value for our natural gas resource, as well as increased employment opportunities. This shift in focus will also create enhanced potential and a wider base for research and development, thus leading to a knowledge-based and more technologically advanced industry. More importantly, the output from the energy sector would be used to create real and sustainable opportunities in other areas of the economy, such as the manufacturing sector.”
To take the business on this exciting new tangent, the NEC will tap into its wealth of experience in providing consultancy and advisory services to the energy industry as it seeks new investment. In regards to its ability to develop
and cultivate new business, the NEC has considerable expertise, and its 120 direct employees - who Dr. Paltoo describes as “all-embracing and valuable contributors” and “essential to a participative work atmosphere in delivering on the company’s mandate” - provide services including project development, project appraisal and evaluation, facilitation of negotiations and discussions between investors and state agencies, discussions for gas requirements and feasibility studies.
In terms of what the future holds, Dr. Vernon Paltoo is anticipating an active year in 2013. As NEC prepares to reposition itself in the industry and press forward into new markets, the company is due to begin a rebranding project which will give the NEC a new corporate image and a fresh new look to the company.
In addition to this rebranding process, the company will also place a strong focus on completing an array of new projects which will further strengthen the NEC and add to its portfolio. More specifically, gas-based projects such as
National Energy Corporation of Trinidad and Tobago
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the Mitsubishi Consortium Methanol-Dimethylether (DME) Project, Gasfin Mid-scale LNG Project, MetalDom-Neal and Massy Steel Plant and Rolling Mill and the Chemtech Limited Melamine/Formaldehyde Cluster will continue apace throughout 2013. As well as these, the NEC is also focusing strongly on an infrastructure project currently in progress, the Galeota Port Project. Dr. Paltoo stated:
“This development will provide an excellent opportunity to facilitate the activities and logistics requirements of exploration and production (E&P) companies, while generating both onshore and offshore economic activity in the south-eastern segment of the country. NEC’s corporate-social responsibility involved the provision of a modern fish landing facility for the local fisherfolk, which is due to be delivered. The first phase of the Galeota Port Project will be completed by the end of 2013.”
This emphasis on aiding the Trinidad and Tobago islanders through adherence to a strong principle of corporate-social responsibility will also see NEC engage in a host of activities, having subscribed to the CSR theme: Building Capacity, Minimising Risk.
This will be accomplished through NEC’s partnerships with institutions, including government ministries, state agencies and business Chambers, as well as its partnerships with NGO’s and community based groups. These initiatives will ensure that the NEC plays a key role in investing in training programs, public education and youth, sport and culture for the benefit of Trinidad and Tobago’s citizens.
Endeavour Magazine • April 2013 •
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