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PPGPL president: Decision not to proceed based on assessment of risks and returns
Phoenox Park Gas Processors Limited (PPGPL), which produces propane, butane and natural gasoline, was not directed by its majority sharehold, the National Gas Company (NGC), not to pursue any new projects in Africa as was reported in Thursday’s Business Guardian.
PPGPL president Eugene Tiah said yesterday: “From a governance perspective, it is incorrect to say that NGC directed Phoenix Park, as a shareholder cannot direct the company. Only the board can do that.” The PPGPL board comprises seven members, four of whom are NGC directors: Roop Chan Chadeesingh, Premchand Beharry, Anand Ragbir and Indar Maharaj, the NGC president.
Tiah said as the Nigeria gas processing project was a joint initiative of NGC and PPGPL, the boards of both companies took separate decisions not to proceed with that project. He said the PPGPL decision not to proceed was based on an assessment of the risks and returns of the Nigeria project.
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