22 C
Georgetown
Friday, October 30, 2020

410 jobs impacted as Caribbean Nitrogen shuts down

Must Read

Oil major Total looking to pursue renewable energy, other investment opportunities in Guyana

French oil company Total is looking to pursue further investment opportunities in Guyana with special interest in the areas...

ExxonMobil sees oil market in ‘early stages of recovery’, Guyana offshore remains top priority

Even as it reported a third-quarter loss of $680 million on Friday following its largest-ever loss of $1.1 billion...

Shell looking to strike it big on ‘Golden Lane of Oil in the Guianas’ six years after walking away from Stabroek Block

Six years after giving up its stake in the Stabroek Block offshore Guyana where operator ExxonMobil went on to...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

(Trinidad Express) More workers are expected to go on the breadline with the announcement on Wednesday by Caribbean Nitrogen Company [CNC] that it has been forced to immediately shut down its ammonia plant on the Point Lisas Industrial Estate.

The company stated that the shutdown is a result of action taken by the National Gas Company of Trinidad and Tobago (NGC) to cut off gas supply to the plant.

Jerome Dookie, Chief Executive Officer of CNC, said: “We had no choice but to shut down the plant to ensure the well-being of our people and protect our investment. Unfortunately, this action by NGC will negatively affect the future of our 110 loyal workers”.

It is also estimated that as many as 300 additional workers indirectly connected to the operations will also be affected.

Dookie said, “The situation is highly regrettable given that CNC has been in a dialogue with The National Gas Company for almost a year. CNC had even accepted multiple interim extensions of our gas supply, until yesterday, at a detrimental cost to itself. These extensions were implemented to facilitate further discussions between CNC and NGC to agree on the terms of a long-term gas supply contract. The NGC has, however, been unresponsive to the many concessions CNC has made, and unrealistic as to the global forces affecting not only CNC’s exports, but Trinidad’s exports of ammonia, which must compete in the international marketplace. The NGC is unfortunately making Trinidad the world’s marginal producer of ammonia with its uneconomical pricing policies.”

Dookie added that the Government had also intervened and attempted to assist in resolving the matter.

“Our sincere hope is that the Government understands our obligation to protect the interests of our employees, our partners, our customers and our shareholders,” he said.

Dookie said the company regretted the negative impact the shutdown will have on everyone involved. He said the company would continue to explore available options.

- Advertisement -

Latest News

Oil major Total looking to pursue renewable energy, other investment opportunities in Guyana

French oil company Total is looking to pursue further investment opportunities in Guyana with special interest in the areas...

ExxonMobil sees oil market in ‘early stages of recovery’, Guyana offshore remains top priority

Even as it reported a third-quarter loss of $680 million on Friday following its largest-ever loss of $1.1 billion in Q2 2020, ExxonMobil Corporation...

Guyana remains committed to low carbon development – President tells international community

The preservation of Guyana’s forests and adherence to the country’s Low Carbon Development Strategy (LCDS) in order to combat climate change and lower carbon...

Liza Phase 1 production now averaging 105,000 bpd, peak output expected by December – Hess

Gross production from the Liza Phase 1 Development at the Stabroek Block offshore Guyana has been averaging 105,000 barrels of oil per day in...

Shell looking to strike it big on ‘Golden Lane of Oil in the Guianas’ six years after walking away from Stabroek Block

Six years after giving up its stake in the Stabroek Block offshore Guyana where operator ExxonMobil went on to make the first world class...

More Articles Like This