National Gas Company reports $3.468 billion profit amid overdraft scandal

The National Gas Company (NGC) of Trinidad and Tobago has reported an after-tax profit of $3.468 billion for the year ending December 31, 2025, marking a significant financial turnaround following previous losses in 2020 and 2023.

NGC Chairman Gerald Ramdeen attributed the recovery to leadership changes and cost-cutting measures, noting that operating expenses were reduced by over $500 million. Ramdeen also revealed a US$100 million unauthorized overdraft granted to a private downstreamer during the previous People’s National Movement (PNM) administration. This overdraft reportedly rolled over monthly for more than two years during a period of scarce foreign reserves.

Additionally, Ramdeen disclosed that another downstreamer was permitted to pay for gas in local Trinidad and Tobago dollars rather than US dollars, despite the national scarcity of foreign exchange. He also criticized the Manatee gas field project, describing it as one of the worst negotiated deals for the country.