National Energy Corporation of Trinidad and Tobago Limited (National Energy) has successfully secured payment of US$779,619.69 owed by Well Services Petroleum Company Limited (Well Services). This sum represents outstanding rental payments owed to National Energy for the use of its Berth 3 and associated marine facilities at the Port of Brighton, La Brea.
These outstanding rental amounts date back to 2022. Upon taking office in July of 2025, the new Board found an untenable state of affairs whereby rental agreements were not escalated, rents were not collected, overdue rents were in some cases statute-barred, and in other cases agreements to make payments for outstanding rental charges were never enforced. The present Board took immediate steps to address the untenable state of receivables, one of which was the Well Services agreement.
Despite written acknowledgements and agreements to make periodic payments of the outstanding rents, the previous National Energy Board and management took no steps to collect the outstanding rents due. This particular claim was at risk of being statute-barred and the outstanding sum of US$779,619.69 being lost, had immediate steps not been taken by the present Board to recover this outstanding sum. The conduct of the previous Board in this regard was nothing short of reckless, negligent, irresponsible, and represented a contumelious breach of duty toward National Energy. Had the previous Board continued in office, the sum of US$779,619.69 would have been surely lost.
Upon commencing proceedings in the High Court to recover the outstanding rental payments, Well Services immediately entered into negotiations with National Energy to arrive at a settlement of the claim. These negotiations resulted in a consent order whereby Well Services agreed to pay the sum of US$779,619.69 together with interest and National Energy’s costs. National Energy has already recovered US$484,000.00 of the outstanding sum of US$779,619.69.
National Energy’s Chairman Gerald Ramdeen said: “The pursuit of this debt and the success of National Energy demonstrate the difference between the approach taken by the present Board and that of the previous Board in the conduct of the people’s business. As a state enterprise, we have a responsibility to safeguard the assets and resources entrusted to us, where monies are legitimately due to National Energy, we have an obligation to take the appropriate steps to recover them.
The abject incompetence that pervaded this company previous to April 2025 has come to an abrupt end. The comfort that was enjoyed by those who used State assets without cost before April 2025 and suffered no sanction is now non-existent. Those who refuse to pay for the use of State assets must now fulfil their financial obligations or suffer the sanctions imposed under their contracts or by law.”