No blame should be attributed to the Board of the National Energy Corporation of Trinidad and Tobago Limited following the Nutrien company’s shutdown of its Trinidad Nitrogen operations.
In a media release, it stated that it took all reasonable steps to ensure Nutrien remained operational.
The Board of National Energy explained that when it took office, it became concerned with the “peppercorn legacy” rates paid by users of the pier and port.
This prompted the current Board to implement fairer rates for users, as the existing rates deprived the country of more than TT$500 million.
The Board stated that upon invoicing companies at fair market rates, most agreed to negotiate, except Nutrien, which demanded that a retroactive US$28 million invoice be withdrawn before talks could continue.
At a later meeting, National Energy offered to extend its existing low rates until December 2025 to protect more than 600 jobs, but Nutrien decided to close its Trinidad operations nevertheless.
National Energy stated that it believes this was a premeditated public campaign and expressed regret over the outcome.
In conclusion, NGC and National Energy stated that they will continue to support the growth and development of the energy sector and to prudently manage the country’s assets.