- National Energy has secured payment of US$779,619.69 owed by Well Services Petroleum Company Limited for use of Berth 3 at the Port of Brighton, La Brea.
- The company has already recovered US$484,000 under a consent order, which also provides for interest and costs.
- It says the debt dated back to 2022 and was at risk of being statute barred.
- Chairman Gerald Ramdeen criticised the previous Board, saying the “abject incompetence” had ended.
Caption: Gerald Ramdeen
The National Energy Corporation of Trinidad and Tobago Limited (National Energy) says it has secured payment of US$779,619.69 owed by Well Services Petroleum Company Limited (Well Services) for the use of its Berth 3 and associated marine facilities at the Port of Brighton, La Brea.
In a media release on Wednesday, National Energy said the outstanding rental charges dated back to 2022.
The company said that when the new Board took office in July 2025, it found that rental agreements had not been escalated, rents had not been collected, and some overdue rents were statute barred. In other cases, it said, agreements to pay outstanding charges had never been enforced.
National Energy said Well Services had given written acknowledgements and agreed to make periodic payments, but the previous Board and management took no steps to collect the money. It said the claim was at risk of becoming statute barred, which would have meant the loss of the entire sum, had the present Board not acted.
The company described the previous Board’s conduct as “reckless, negligent, irresponsible” and a “contumelious breach of duty”, and said the money would “surely” have been lost had that Board remained in office.
Consent order
National Energy said that after it began proceedings in the High Court to recover the money, Well Services immediately entered into negotiations. These resulted in a consent order under which Well Services agreed to pay US$779,619.69, together with interest and National Energy’s costs.
The company said it has already recovered US$484,000 of the total.
Chairman’s comment
National Energy Chairman Gerald Ramdeen said the recovery showed the difference between the approach of the present Board and that of its predecessor.
“The pursuit of this debt and the success of National Energy demonstrate the difference between the approach taken by the present Board and that of the previous Board in the conduct of the people’s business,” he said.
“As a state enterprise, we have a responsibility to safeguard the assets and resources entrusted to us. Where monies are legitimately due to National Energy, we have an obligation to take the appropriate steps to recover them.
“The abject incompetence that pervaded this company previous to April 2025 has come to an abrupt end. The comfort that was enjoyed by those who used State assets without cost before April 2025 and suffered no sanction is now non-existent. Those who refuse to pay for the use of State assets must now fulfil their financial obligations or suffer the sanctions imposed under their contracts or by law.”
