For­mer pres­i­dent of the T&T Man­u­fac­tur­ers’ As­so­ci­a­tion (TTMA) Roger Roach has re­signed as a di­rec­tor of the T&T NGL Ltd (TTNGL).

No­tice of his res­ig­na­tion was post­ed on the T&T Stock Ex­change yes­ter­day which stat­ed, “Pur­suant to Sec­tion 64(1)(b) of the Se­cu­ri­ties Act, 2012:

Trinidad and To­ba­go NGL Lim­it­ed (TTNGL) ad­vis­es that ef­fec­tive Au­gust 22nd 2025, Mr Roger Roach has ceased be­ing a di­rec­tor of TTNGL.”

Con­tact­ed yes­ter­day as to the rea­son for his res­ig­na­tion Roach briefly stat­ed, “Out of my de­par­ture from the NIB (Na­tion­al In­sur­ance Board) board I though it pru­dent to re­sign from TTNGL as I was rep­re­sent­ing NIB on this board.”

Roach was ap­point­ed as a di­rec­tor of TTNGL last March.

TTNGL is a sub­sidiary of whol­ly state-owned Na­tion­al Gas Com­pa­ny, which has 25 per cent con­trol­ling in­ter­est through the own­er­ship of 100 per cent of the class A or­di­nary shares of the com­pa­ny. The re­main­ing 75 per cent class B or­di­nary shares are list­ed on the Trinidad and To­ba­go Stock Ex­change. The NIB is the sin­gle largest class B share­hold­er with a 12.74 per cent stake in TTNGL.

In its con­densed in­ter­im fi­nan­cial state­ments for the six months end­ed June 30, 2025 the com­pa­ny not­ed that fol­low­ing the an­nounce­ment of the re­vo­ca­tion of li­cences is­sued by the Of­fice of For­eign As­sets Con­trol (OFAC) of the US De­part­ment of Trea­sury, re­gard­ing the ex­plo­ration of gas fields in Venezuela, man­age­ment re-looked its im­pair­ment as­sess­ment of the com­pa­ny’s share­hold­ing in­vest­ment in the Phoenix Park Gas Proces­sors Ltd (PPG­PL).

It stat­ed this re­view was con­duct­ed based on the as­sessed most like­ly out­comes and risks as­so­ci­at­ed with up­dat­ed in­puts and cash flows pro­vid­ed by PPG­PL and Na­tion­al Gas Com­pa­ny, adding that this as­sess­ment re­sult­ed in the recog­ni­tion of an im­pair­ment loss of TT$85.2 mil­lion and con­se­quent­ly a loss af­ter tax of TT$35.8 mil­lion (2024: prof­it af­ter tax of TT$46.7 mil­lion).

TTNGL’s loss per share for the half-year was TT$0.23, com­pared to earn­ings per share of TT$0.30 for the cor­re­spond­ing pe­ri­od in 2024.