In August 2013, The National Gas Company of Trinidad and Tobago Limited (NGC) acquired an additional 39% of Phoenix Park Gas Processors Limited’s (PPGPL) equity from ConocoPhillips. PPGPL is an operating company in the natural gas sector that processes natural gas and sells the outputs. In February 2014, NGC transferred its 39% shareholding into a newly formed entity - Trinidad and Tobago NGL Limited (NGL).
NGC formed NGL to enable the public to participate in an Initial Public Offering (IPO) and own an equity interest in PPGPL. NGL would distribute dividends in accordance with its dividend policy to the holders of its Class A and Class B shares.
While NGL is a newly formed corporate entity, its underlying investment, PPGPL, is a company with over 26 years of operating history in Trinidad and Tobago’s energy sector, and with whom NGC has had a long term commercial relationship. PPGPL operates Trinidad and Tobago’s only natural gas processing and natural gas liquids fractionation plant and is the largest producer and marketer of propane, mixed butane, isobutane and natural gasoline in Trinidad and Tobago.