NGC and NewGen Energy Limited Sign LOI

(NGC, 31.May.2022) — The National Gas Company of Trinidad and Tobago Limited (NGC) signed a non-binding Letter of Intent (LOI) with NewGen Energy Limited, which expresses its intention to work collaboratively with NewGen to evaluate the development of NewGen’s hydrogen production facility. Subject to the commercial feasibility of this low-carbon project by all related stakeholders across the value chain, the parties will seek to enter into a non-binding Heads of Agreement as well as Definitive Agreements once acceptable terms can be reached between the parties.

Commenting on the LOI, NGC’s President Mark Loquan stated that, “This LOI represents the next step between NGC and NewGen on deepening our collaboration towards the advancement on the first industrial scale low carbon hydrogen project in Point Lisas and the Caribbean. Once commercially feasible, the NewGen Project could potentially become a pivotal step towards medium to longer term decarbonisation of the petrochemical sector for Trinidad and Tobago, which issomething that the NGC is committed to and working towards.”

“NewGen is pleased to be taking our collaboration with NGC to the next level through this LOI,” said Philip Julien, Chairman of NewGen. “We are committed to the establishment of a world-scale, world-class, low-carbon hydrogen production facility in Point Lisas, and are confident that this LOI with NGC will lead to greater collaboration with the other key stakeholders that will contribute to this shared vision of a decarbonising Trinidad and Tobago.”

Damien Havard, Chairman and CEO of HDF Energy, explained the strategic fit for his company: “Having recently acquired the majority ownership of NewGen, we are heartened by the signing of this LOI, as it symbolises a key step towards optimising conditions for further increasing our investment both in NewGen and by extension in the energy sector of Trinidad and Tobago.

“In addition, given our international and regional history in low carbon hydrogen project development, we stand ready to support this expanded NGC/NewGen collaboration as much as possible, including through our international expertise in new hydrogen technology and “green” project financing.”

The LOI was signed at the Trinidad and Tobago Energy Conference on 31 May 2022