In order to work together to enable a sustainable hydrogen economy for Trinidad and Tobago’s energy sector, the National Gas Company of Trinidad and Tobago Limited (NGC) and NewGen Energy Limited (NewGen) have strengthened their relationship.
According to a statement released by NGC, the two businesses signed a non-binding Heads of Agreement (HOA), which establishes the basis for binding definitive agreements to be established between the parties once suitable terms can be achieved.
The HOA, according to NGC, comes after the parties’ May 2022 Letter of Intent agreement, which stated NGC’s desire to collaborate with NewGen to further assess the construction of NewGen’s hydrogen production plant.
The signing of this HOA includes NGC and NewGen’s commitment to jointly establish working teams that will now involve important related public and private stakeholders in this ground-breaking project development of a cleaner energy supply for Trinidad and Tobago. “This evaluation has advanced quickly,” says the HOA.
The HOA, according to the firm, is another significant step for the nation’s transition to a future with reduced carbon emissions through low-carbon and green hydrogen generation.
It is the next significant stage in the construction of the $250 million NewGen hydrogen production plant on Point Lisas.
Mark Loquan, president of NGC, said: “The NGC Group has been steadily displaying its dedication to steering Trinidad and Tobago’s energy sector towards the new energy future. NGC is dedicated to working with NewGen and other significant stakeholders to create a future with minimal carbon emissions.
“Similar to the role NGC played in establishing T&T’s current top-tier hydrogen economy using natural gas, we are well-positioned to help the nation’s quest for a greener hydrogen economy. With the proper collaborations, institutions, and regulations, agreements like this HOA with NewGen Energy have the potential to propel Trinidad & Tobago into a position of global leadership in the clean energy sector.
NewGen’s chairman, Philip Julien, said: “NewGen is thrilled with how quickly our cooperation with NGC is developing, “We are convinced that our ongoing cooperation with NGC will further speed up the delivery of greener hydrogen to Trinidad and Tobago and that the NewGen Project is moving closer to being taken into consideration for a final investment decision as soon as feasible. As we work together to transition and decarbonize Trinidad and Tobago’s energy industry, we look forward to cooperating with NGC and other pertinent parties.”
