Brooks: $1.6 billion wasted at NGC under PP

Brooks said under the tenure of his predecessor Chan Chadeesingh, NGC spent, “$370 million spent in roadworks and upgrade of recreational facilities.” He explained that since assuming office, his board has, “Returned the spend to a far more palpable number of $15 million or less.” He reiterated, “We are not trying to pave every road in Trinidad or any road because that is not our core business.”

Referring to the controversial Beetham wastewater treatment plant, Brooks said, “We are not trying to get involved in water treatment.”

As he explained that the expenditure at NGC under the PP only served to “weaken the balance sheet of the company,” Brooks gave the assurance that the company now has its priorities right. “We have to focus our resources on growing the NGC through acquisition activities, organic growth and through investment in our people.” Saying that the Teak and Poui platforms were causing the NGC to register annual losses of $250 million, Brooks boasted the company was able to, “Rationalise that business and save a quarter of a billion dollars.”

He also said NGC saved another $12 million and reduced insurance costs across the group.

NGC president Mark Lo Quan said new ethics and conflict of interest policies, “Are now approved by the board and sanctioned across the entire NGC Group.” Company vice president (corporate governance and compliance) Maria Thorne said employees are required to sign conflict of interest declaration forms. Earlier in the hearing, PAEC chairman Wade Mark noted that gas sales for the NGC declined from $15.8 billion in 2014 to $12.5 billion in 2015.

Over the same period, Mark said wages increased from $338 million to $623 million in the same period.