The board of Trinidad and To­ba­go NGL (TTNGL) is con­firm­ing that the spe­cial res­o­lu­tion passed by share­hold­ers of the com­pa­ny “fa­cil­i­tates the de­c­la­ra­tion and pay­ment of div­i­dends pur­suant to Sec­tion 55 of the Com­pa­nies Act.”

The spe­cial res­o­lu­tion au­tho­rised the com­pa­ny to re­duce TTNGL’s stat­ed cap­i­tal by $2.2 bil­lion, which ef­fec­tive­ly elim­i­nat­ed the $1.8 bil­lion deficit it ac­cu­mu­lat­ed as a re­sult of hav­ing to im­pair the val­ue of its un­der­ly­ing as­set, its in­vest­ment in 39 per cent of Phoenix Park Gas Proces­sors Ltd (PPG­PL).

The de­ci­sion was tak­en at the com­pa­ny’s an­nu­al meet­ing on March 5, 2026, ac­cord­ing to a no­tice is­sued by the com­pa­ny and signed by its cor­po­rate sec­re­tary, Aegis Busi­ness So­lu­tions Lim­it­ed.

The res­o­lu­tion au­tho­rised a pro­por­tion­al re­duc­tion in the stat­ed cap­i­tal ac­count across all class­es of shares.

TTNGL in­di­cat­ed that the move does not change the num­ber of is­sued shares, but re­duces the amount record­ed in the com­pa­ny’s stat­ed cap­i­tal ac­count.

Ac­cord­ing to the com­pa­ny, the re­struc­tur­ing al­lows TTNGL to sat­is­fy re­quire­ments un­der Sec­tions 54 and 55 of the Com­pa­nies Act, which gov­ern cap­i­tal re­duc­tions and the abil­i­ty of com­pa­nies to de­clare and dis­trib­ute div­i­dends.

TTNGL did not pay any div­i­dends in the years 2022, 2023 and 2024 be­cause of the im­pair­ment is­sue.

PPG­PL op­er­ates the nat­ur­al gas liq­uids pro­cess­ing plant at Point Lisas, which ex­tracts propane, bu­tane, and nat­ur­al gaso­line from nat­ur­al gas sup­plied by up­stream pro­duc­ers.

TTNGL is an in­vest­ment hold­ing com­pa­ny whose pri­ma­ry source of in­come is its 39 per cent share­hold­ing in PPG­PL, which is one of the largest nat­ur­al gas liq­uids pro­cess­ing fa­cil­i­ties in the Caribbean.

The com­pa­ny’s per­for­mance is close­ly linked to the prof­itabil­i­ty of PPG­PL and the broad­er nat­ur­al gas sec­tor in T&T.

PPG­PL process­es gas sup­plied by up­stream pro­duc­ers, in­clud­ing bpTT and Shell, be­fore the liq­uids are ex­port­ed most­ly to in­ter­na­tion­al mar­kets. The plant al­so sup­plies feed­stock to sev­er­al down­stream petro­chem­i­cal pro­duc­ers op­er­at­ing on the Point Lisas In­dus­tri­al Es­tate.

For the nine-month pe­ri­od end­ed Sep­tem­ber 30, 2025, TTNGL re­port­ed prof­it af­ter tax of $63.75 mil­lion, rep­re­sent­ing a de­crease of 23 per cent, com­pared with the $82.77 mil­lion the com­pa­ny earned for the same pe­ri­od in 2024.

The re­duced earn­ings for the nine-month pe­ri­od pushed TTNGL’s earn­ings per share down to $0.41, from $0.53 record­ed in the cor­re­spond­ing pe­ri­od a year ear­li­er.

For the quar­ter end­ed Sep­tem­ber 30, 2025, TTNGL record­ed prof­it af­ter tax of $99.59 mil­lion, 175 per cent more than the $26.10 mil­ion the com­pa­ny record­ed for the same quar­ter in 2024.

TTNGL chair­man, Ger­ald Ramdeen, in the nine-month re­port, stat­ed, “Prof­it from TTNGL’s in­vest­ment in PPG­PL for the quar­ter was pos­i­tive­ly im­pact­ed by the re­ver­sal of recog­nised im­pair­ment charges of $85.3 mil­lion.

“This treat­ment is sup­port­ed by the re­in­state­ment of the li­cence is­sued by the US De­part­ment of Trea­sury’s Of­fice of For­eign As­sets Con­trol for nat­ur­al gas col­lab­o­ra­tion re­gion­al­ly.”