Whol­ly state-owned Na­tion­al Gas Com­pa­ny (NGC) yes­ter­day said it had com­plet­ed and ex­e­cut­ed a new gas sales con­tract with Point Lisas Ni­tro­gen Ltd (PLNL) that guar­an­tees the con­tin­ued sup­ply of nat­ur­al gas to PLNL.

In a news re­lease, NGC said the agree­ment rep­re­sents a sig­nif­i­cant mile­stone for both com­pa­nies fol­low­ing a pe­ri­od of con­struc­tive en­gage­ment aimed at ar­riv­ing at terms that ad­vanced the in­ter­est of both en­ti­ties.

NGC said the ex­e­cu­tion of the con­tract reaf­firms its com­mit­ment to con­tin­ue to pro­vide a re­li­able and eco­nom­ic sup­ply of gas to its down­stream petro­chem­i­cal cus­tomers.

PLNL owns and op­er­ates a glob­al­ly com­pet­i­tive plant that pro­duces an­hy­drous am­mo­nia for in­ter­na­tion­al mar­kets. PLNL is a 50/50 joint ven­ture owned by Koch Fer­til­iz­er LLC (a sub­sidiary of Koch In­dus­tries, Inc.) and CF In­dus­tries Hold­ings, Inc.

In the news re­lease, NGC chair­man, Ger­ald Ramdeen, said, “NGC re­mains con­scious of its role with­in the coun­try’s en­er­gy sec­tor, par­tic­u­lar­ly as this coun­try’s ag­gre­ga­tor and sup­pli­er of nat­ur­al gas to down­stream in­dus­tries and as the State en­ti­ty re­spon­si­ble for max­imis­ing val­ue from the na­tion’s nat­ur­al gas re­sources. The ex­e­cu­tion of the GSC is a sol­id in­di­ca­tor of the re­silience and per­ma­nen­cy of the lo­cal petro­chem­i­cal sec­tor.”