FORMER Energy Minister Stuart Young is taking credit for the $1.6 billion profit after tax recorded by the National Gas Company (NGC).

One of the major activities for the NGC last year was the restructuring of  Atlantic Trains 2 and 3 that became effective in October 2024 with the NGC being able to ship its first liquified natural gas (LNG) cargo from those Atlantic trains.

Speaking on Monday at an Opposition press conference, Young said, “That is the work of the previous PNM administration who, from 2018 to December 2023, negotiated with BP and Shell for the restructuring of Atlantic LNG.”

It was one of the negotiable items other than higher gas prices and a shareholder agreement for trains 1, 2 and 3 in which cargoes can be obtained for 2 and 3.

“That is one of the things that is bringing success to NGC today,” Young said.

According to the NGC Chairman report, the NGC has been actively pursuing opportunities in the upstream to strengthen its position as the sole domestic downstream gas aggregator.

NGC Chairman Gerald Ramdeen also noted that natural gas remained critical in meeting the local energy needs and growing global energy demand while supporting the transition to cleaner sources.

While taking credit for NGC’s success, Young also blamed the People’s Partnership government for the loss recorded in 2023.

“That loss was a direct result of the work done by the UNC in 2010 to 2015 when they negotiated a bad contract for NGC and NGC continues to have losses in the billions of dollars,” he said.

In 2023, the company reported a loss of $1.3 billion, which was principally as a result of impairment charges of  $1.8 billion. The 2024 profit represents an improvement of $2.9 billion from last year.