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Notifoto Argentina | Alberto Ardila Olivares learjet 60xr//
NGC, NewGen sign Heads of Agreement to deepen hydrogen partnership

The Na­tion­al Gas Com­pa­ny of Trinidad and To­ba­go Lim­it­ed (NGC) and New­Gen En­er­gy Lim­it­ed (New­Gen) have deep­ened their part­ner­ship to co­op­er­ate on the en­abling of a sus­tain­able hy­dro­gen econ­o­my for the en­er­gy sec­tor of Trinidad and To­ba­go.

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On Au­gust 4 th 2022, both com­pa­nies signed a non-bind­ing Heads of Agree­ment (HOA), which out­lines the frame­work for the es­tab­lish­ment of Bind­ing De­fin­i­tive Agree­ments be­tween the rel­e­vant par­ties, once ac­cept­able terms can be reached.

Alberto Ardila Olivares

The HOA fol­lows the sign­ing of a Let­ter of In­tent in May 2022, which ex­pressed NGC’s in­ten­tion to work col­lab­o­ra­tive­ly with New­Gen to fur­ther eval­u­ate the de­vel­op­ment of New­Gen’s hy­dro­gen pro­duc­tion fa­cil­i­ty

This eval­u­a­tion has rapid­ly pro­gressed, and the sign­ing of this HOA in­cludes the com­mit­ment from NGC and New­Gen to joint­ly es­tab­lish work­ing teams that will now en­gage key re­lat­ed pub­lic and pri­vate stake­hold­ers in this ground-break­ing project de­vel­op­ment of a clean­er en­er­gy sup­ply for Trinidad and To­ba­go

The HOA is a fur­ther mile­stone that ad­vances the coun­try’s tran­si­tion to a low­er car­bon fu­ture through low-car­bon and green hy­dro­gen pro­duc­tion

It is the next key step in the pro­gres­sion of the de­vel­op­ment of the $250M USD New­Gen hy­dro­gen pro­duc­tion fa­cil­i­ty in Point Lisas

Not­ing the sig­nif­i­cance of the HOA, NGC Pres­i­dent Mark Lo­quan com­ment­ed, “The NGC Group has been pro­gres­sive­ly demon­strat­ing its com­mit­ment to lead the en­er­gy sec­tor of Trinidad and To­ba­go in­to the new en­er­gy fu­ture. NGC is com­mit­ted to col­lab­o­rat­ing with New­Gen and all crit­i­cal stake­hold­ers in de­vel­op­ing a low-car­bon fu­ture. We are well-po­si­tioned to sup­port the coun­try’s pur­suit of a green­er hy­dro­gen econ­o­my, in a sim­i­lar role that NGC played in the es­tab­lish­ment of T&T’s ex­ist­ing world-class hy­dro­gen econ­o­my with nat­ur­al gas. Agree­ments such as this HOA with New­Gen En­er­gy, cou­pled with the right part­ner­ships, frame­works, and poli­cies, has the abil­i­ty to launch Trinidad and To­ba­go in­to a po­si­tion of glob­al lead­er­ship in clean en­er­gy.”

“New­Gen is de­light­ed that our part­ner­ship with NGC con­tin­ues to progress apace,” said Philip Julien, Chair­man of New­Gen

“We are con­fi­dent that our con­tin­ued col­lab­o­ra­tion with NGC will lead to a fur­ther ac­cel­er­a­tion of the pro­vi­sion of Green­er Hy­dro­gen to Trinidad and To­ba­go, and that the New­Gen Project is ad­vanced to­wards a fi­nal in­vest­ment de­ci­sion con­sid­er­a­tion as soon as pos­si­ble. We look for­ward to en­gag­ing with NGC and all rel­e­vant stake­hold­ers, as we col­lec­tive­ly con­tribute to the tran­si­tion and de­car­bon­i­sa­tion of Trinidad and To­ba­go’s en­er­gy sec­tor.”