Last update: 06-Dec-2013 8:12 am
Friday, December 06, 2013
Trinidad & Tobago Guardian Online
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Economic trees and muscovado biases
The decision by 100 per cent state-owned National Gas Company (NGC) to acquire the 39 per cent of Phoenix Park Gas Processors held by US energy giant ConocoPhillips for US$600 million ($3.9 billion) is good news for the country and potentially great news for local institutional and individual investors.
It’s potentially great news for investors because Energy Minister Kevin Ramnarine signalled last Friday, the day that the transaction was announced, that he would be pushing the Government to ensure that some of the shares acquire by NGC are sold to local institutions and individuals.
Speaking to reporters at the launch of the 2013 deepwater bid round, Ramnarine said one of the options the Government had in divesting the shares to locals would be to do that through National Enterprises Ltd, the majority state-owned, publicly-listed company, that already holds a 10.2 per cent stake in Phoenix Park.
The availability of additional Phoenix Park shares may give the Government an opportunity to revise its vision for NEL, which up to now has been as an investment holding company with a diversified portfolio comprising TSTT, NFM, Tringen, Phoenix Park and Atlantic LNG Train 1.
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