Point Lisas — The government-owned National Gas Co., after a year of negotiations, has signed a 20-year sales contract to supply 100 million cubic feet per day of gas that will allow Methanol Holdings Trinidad Ltd. (MHTL) to proceed with its proposed AUM II nitrogen complex at Point Lisas, according to reports in the Trinidad press. Helm markets the fertilizer from MHTL’s AUM I (GM Aug. 24, 2009). However, ownership of MHTL remains an issue. The deal came in the midst of arbitration in London over company ownership. Previously, Clico, a Trinidad insurance company, held 56.53 percent of MHTL, with the remainder owned by Consolidated Energy Ltd., a group consisting of German firms Helm AG, Ferrostaal AG, and Proman. However, the government took over 49 percent of Clico when it spent $5 billion to bail out the company in 2009-2010. Now the government and the German firms are in arbitration, as the minority stakeholders say they were supposed to be allowed to buy the majority stake should Clico lose ownership. A decision is reportedly due later this summer.
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