Trinidad and Tobago NGL Limited

What it is

TTNGL is an investment holding company whose only asset is a stake in Phoenix Park Gas Processors Limited (PPGPL), the plant that strips propane, butane, and natural gasoline from Trinidad’s natural gas stream. PPGPL’s core work is processing, fractionating, and marketing those liquids — the valuable by-products that come out of raw natural gas before it reaches the power stations and factories.

PPGPL itself is owned 51% by NGC NGL Group Limited, 39% by TTNGL, and 10% by Pan West Engineers and Constructors LLC — a consortium that includes the Unit Trust Corporation, the National Insurance Board of Trinidad and Tobago, and National Enterprises Limited. TTNGL generates all of its income through its 39% share of PPGPL’s profit — meaning the holding company has no direct employees, no factory, and no sales of its own.

Who owns it

TTNGL was incorporated on September 13, 2013, by The National Gas Company of Trinidad and Tobago Limited (NGC) specifically to allow the public to participate in an IPO giving citizens an equity interest in PPGPL. The structure gives NGC a 25% controlling interest through 100% ownership of TTNGL’s Class A shares; NGC itself is wholly owned by the Government of the Republic of Trinidad and Tobago.

Public investors hold 100% of the Class B shares of TTNGL — representing a 75% effective ownership interest in TTNGL, which translates to a 29.25% effective ownership interest in PPGPL itself. In plain terms: the state controls through a golden share; the public owns the cash flow rights.

Who runs it

Dr. Joseph Ishmael Khan serves as TTNGL’s Chairman. Sheldon Sylvester was appointed as TTNGL’s first substantive President in early 2025, after serving as the company’s Chief Financial Officer and principal officer since 2016.

Sylvester’s appointment took effect on February 1, 2025, as announced in a notice to shareholders posted by the Trinidad and Tobago Stock Exchange. The board also includes directors Ashmeer Mohamed, Dominic Rampersad, and Aegis Business Solutions as Company Secretary.

The money, in plain words

TTNGL’s share of profit from its investment in PPGPL rose to TT$66.6 million (~US$10.0 million) in 2024, up from TT$28.1 million (US$4 mn) in 2023 — a 137% increase. Because the company holds nothing else, this profit figure IS its entire bottom line; a price-to-earnings ratio of roughly 6.6× (our calculation) prices it cheaply relative to the profit surge, though that surge may not repeat every year.

PPGPL itself delivered a profit after tax of US$25.3 million in 2024, up from US$10.7 million in 2023. The drivers were higher gas volumes arriving for processing — 1,052 million standard cubic feet per day — and NGL output 33.3% higher year-on-year, which let PPGPL capture rising prices at the Mont Belvieu pricing hub in Texas, where NGL prices ran 10% above 2023 levels.

As of September 30, 2024, TTNGL’s own cash position stood at TT$152.3 million (~US$22.9 million), compared to TT$127.2 million (US$19 mn) at the close of 2023. Despite that liquidity, regulatory requirements continue to restrict dividend payments — so shareholders have received no income distribution despite the profit recovery.

What it is doing now

The share price has risen roughly 175% over the twelve months to June 2026 — a sharp re-rating as the market priced in PPGPL’s profit recovery. PPGPL’s North American subsidiary PPTTEHL also reported strong results, with NGL trading volumes up 23.8% year-on-year, driven by expanded throughput and a broader commercial footprint.

Sylvester’s appointment as the company’s first substantive president came two months after TTNGL revealed it was seeking a viable solution to resolve the current dividend restriction — the single most important unresolved question for retail investors who bought shares expecting income.

What to watch

• The dividend restriction. Regulatory requirements continue to block dividend payments, and shareholders remain eager for a resolution and a timeline for implementing a viable solution. Any announcement here will move the share price.
• Mont Belvieu prices. In 2023, a warmer-than-usual US winter combined with higher NGL production and lower global demand drove benchmark prices 30% below 2022 levels — a reminder that TTNGL’s entire income depends on one commodity market thousands of kilometres away.
• Trinidad gas supply. Gas volumes to the Point Lisas plant averaged just over 1,062 million standard cubic feet per day in the nine months to September 2024 — any decline in upstream gas supply from ageing fields would directly cut PPGPL’s throughput and TTNGL’s profit.
• Leadership transition. Sylvester’s elevation from CFO to President is a structural change for a company that has never had a standalone chief executive; how he navigates the dividend impasse and the relationship with NGC will define the next chapter.

This is news, not investment advice.