Phoenix Park Gas Processors Ltd (PPGPL) through its wholly owned US subsidiary, Phoenix Park Energy Marketing LLC has acquired the NGL marketing assets of Twin Eagle Liquids Marketing LLC.
Twin Eagle Liquids Marketing LLC is a company based in Houston, Texas, USA and is engaged in the business of marketing, trading and transportation of natural gas liquids in Canada, USA and Mexico via rail, the company explained in a statement yesterday.
According to President Dominic Rampersad, “Through this acquisition, we will broaden our business platform and deliver more value to our shareholders and customers as we enhance our competitiveness in the global marketplace.”
PPGPL, the only natural gas liquids (NGLs) hub in the region, is involved in natural gas processing, fractionating, aggregation and NGLs marketing. Its new business unit, Phoenix Park Energy Marketing LLC will be focused on the marketing of NGLs in North America.
The company noted that this latest development is aligned to its strategy to grow the business internationally along the energy value chain.
“It is in fact the company’s first major step towards realising its vision to be a recognised global leader in the development of energy related businesses,” the company said.
PPGPL noted that over the past three years it has taken very deliberate steps to realise this vision, including expanding its revenue streams to include condensate processing and physical product trading.
“With this acquisition, PPGPL has now added a new source of revenue to its existing portfolio thereby further diversifying its business and providing a focal point for an expansion thrust in the North American natural gas market,” the company noted.
It also said that expansion of PPGPL into the US midstream energy market spells good news for its shareholders, especially TTNGL, which is traded on the Trinidad and Tobago stock exchange.
“The company’s bold step outside Trinidad and Tobago comes at a time when the North American industry is expanding at a rapid rate,” the company added.
PPGPL’s president further states, “This is a new chapter for the company and its shareholders as we open new doors and export our expertise, while establishing a presence in other territories. Our people are committed to our vision and to realising improved returns to shareholders, and added value for the NGC Group of Companies and the people of Trinidad and Tobago.”
PPGPL will continue to be focused on gas processing and water borne NGLs trading regionally and internationally, while its new subsidiary Phoenix Park Energy Marketing LLC will be engaged in the business of marketing, trading and transportation of natural gas liquids via rail in Canada, USA and Mexico, as they have done previously.