NGC: First LNG cargo since restructure shipped

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THE first cargo of liquefied natural gas (LNG) from Atlantic’s Trains Two and Three left its facility in Point Fortin over the past two weeks, the company said in a press release on December 11.

The release said the gas from Train Two left for Italy on November 26 and Train Three left for Egypt on December 6.

“Under the new commercial structure of Atlantic, NGC, through its shareholder company NGC TT LNG Ltd (NGC LNG), acquired a 5.7 per cent shareholding interest in Trains Two and Three with effect from October 1, 2024,” the release said.

The release added the shareholding interest will further increase to ten per cent on May 2027, when Train Four is included under the new commercial arrangement. It added that, based on its expanded equity interest, NGC is entitled to a pro-rata share (a share that is equal to the ownership percentage) of Trains Two and Three's processing capacity. It said that could result in about six additional LNG cargoes per contract year.

“These cargoes can bolster the company’s growing energy marketing and trading portfolio and provide additional revenue.”

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At an event at Atlantic LNG’s office in Point Lisas, chairman Dr Joseph Ishmael Khan said the shipment of the cargo was an historic moment for the company and the country.

“The additional cargo entitlements from Trains Two and Three mean additional income for us and additional value for the people of TT.

“With natural gas being the cleanest fossil fuel and projected to remain an integral part of the global energy mix going forward, the more LNG that NGC can market, the greater our contribution to the clean energy transition,” he said.

The restructuring agreement between NGC, Shell and bpTT was completed in December 2023, with bpTT now having a 45 per cent share in the trains, Shell 45 per cent and NGC a ten per cent stake in the trains.

Before the restructuring all four trains had different ownership structures.