{"id":2734,"date":"2022-03-23T11:43:07","date_gmt":"2022-03-23T15:43:07","guid":{"rendered":"https:\/\/craftedcaribbean.com\/caricris\/?p=2734"},"modified":"2025-07-01T11:44:10","modified_gmt":"2025-07-01T15:44:10","slug":"niquan-energy-trinidad-limited-9","status":"publish","type":"post","link":"https:\/\/craftedcaribbean.com\/caricris\/rating-releases\/niquan-energy-trinidad-limited-9\/","title":{"rendered":"NiQuan Energy Trinidad Limited"},"content":{"rendered":"<h2>RATING DRIVERS<\/h2>\n<p class=\"badge\">\u00a0Supporting Factors:<\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Low construction\/completion risk supported by a valid Fixed Price Lump Sum Turnkey (LSTK) Contract with Plant Performance Guarantees, though beset by delays in achieving commercial operations<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Reputable and commercially tested technology maximizes the likelihood of a successful operation<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Legally binding supply and offtake agreements in place with a high likelihood of being enhanced with more favourable terms and conditions<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Critical importance of the end products and a changing regulatory and macroeconomic environment underpin favourable demand conditions<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Favourable projected financial performance with adequate debt servicing capacity based on its operational efficiency guarantee output level<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">The Owner-Controlled Insurance Program (OCIP) insurance wrap policies serves as an additional layer of protection to the lenders<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Knowledgeable and experienced Board of Directors and Executive Management team, within a good supporting organizational structure<\/span><\/li>\n<\/ul>\n<p class=\"badge\">Constraining Factor:<\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Vulnerable to the cyclicality of global energy prices<\/span><\/li>\n<\/ul>\n<p><strong><span style=\"font-family: 'book antiqua', palatino; font-size: 10pt;\"><span style=\"text-decoration: underline;\">Rating Sensitivity Factors:\u00a0 <\/span><\/span><\/strong><\/p>\n<p><span style=\"text-decoration: underline; font-size: 10pt; font-family: 'book antiqua', palatino;\"><strong>Factors that could individually, or collectively lead to an improvement in the ratings\/outlook:<\/strong><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Higher than projected revenues and profits based on favourable selling prices and lower than projected operating costs<\/span><\/li>\n<\/ul>\n<p><span style=\"text-decoration: underline;\"><span style=\"font-family: 'book antiqua', palatino;\"><strong>Factors that could individually, or collectively lead to a lowering of the ratings\/outlook:<\/strong><\/span><\/span><\/p>\n<ul style=\"list-style-type: square;\">\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Failure to obtain LRT or the inability to obtain approval for a further extension from noteholders by June 30, 2022.<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">Unsuccessful start-up of full commercial operations by June 30, 2022 and\/or production falling below 2,400 bpd.<\/span><\/li>\n<li data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino;\">A fall in the Interest Cover to below 2.4 times and\/or a drop in the Effective Debt Service Coverage Ratio to below 1.4 times post start-up.<\/span><\/li>\n<\/ul>\n<p><span style=\"text-decoration: underline; font-family: 'book antiqua', palatino;\"><strong>COMPANY BACKGROUND<\/strong><\/span><\/p>\n<p><span style=\"font-size: 10pt; font-family: 'book antiqua', palatino;\">NiQuan Energy Trinidad Limited (NETL or the company) is a limited liability company incorporated on July 17, 2012, in the Republic of Trinidad and Tobago (T&amp;T). The principal activity of NETL is to complete, commission, and ultimately operate the former World GTL Trinidad and Tobago Limited (WGTL) plant, which when completed, will produce zero sulphur diesel and naphtha via the Gas-to-Liquids (GTL) process<a id=\"_ftnref1\" href=\"#_ftn1\"><sup>[1]<\/sup><\/a>. As at December 2021, NETL\u2019s shareholders comprised of NiQuan Energy, LLC (NQE)<a id=\"_ftnref2\" href=\"#_ftn2\"><sup>[2]<\/sup><\/a>\u00a0 (75.7%), as well as institutional and individual investors (24.3%).<\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino; font-size: 10pt;\">The WGTL plant was originally designed and developed under a joint venture between the Petroleum Company of Trinidad and Tobago (Petrotrin)<a id=\"_ftnref3\" href=\"#_ftn3\"><sup>[3]<\/sup><\/a> and a private developer.\u00a0 The WGTL initiative was premised on the notion that a gas-to-liquids plant was required to improve the quality of the diesel and other refined products from the Petrotrin refinery, given the high level of sulphur content and the increasingly stringent regulations arising in the international markets for refined products regarding sulphur levels.\u00a0 Construction of the plant commenced in 2007 and the cost of construction was estimated to have been of the order of US $135 million.\u00a0 In 2009 the project fell into bankruptcy because of significant cost overruns, delinquency on the part of the joint venture partner to fund its portion of the project, and failure to meet project deadlines.\u00a0<\/span><\/p>\n<p><em>Analytical Contacts:<\/em><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong>Musa Abdullah<\/strong><\/span><\/p>\n<p><em>Tel: 1-868-627-8879 Ext. 233<\/em><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><em>E-mail: <a href=\"mailto:mabdullah@caricris.com\">mabdullah@caricris.com<\/a><\/em><\/span><\/p>\n<h5 data-mce-word-list=\"1\"><span style=\"font-family: 'book antiqua', palatino; font-size: 10pt;\"><strong>Anelia Oudit<\/strong><\/span><\/h5>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><em>Tel: 1-868-627-8879 Ext. 226<\/em><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><em>Mobile: 1-868-487-8364<\/em><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><em>E-mail: <a href=\"mailto:aoudit@caricris.com\">aoudit@caricris.com<\/a><\/em><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\">Website: <a href=\"http:\/\/www.caricris.com\">www.caricris.com<\/a><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\">Email: <a href=\"mailto:info@caricris.com\">info@caricris.com<\/a><\/span><\/p>\n<p><span style=\"font-family: 'book antiqua', palatino;\"><strong>Disclaimer<\/strong><strong>:<\/strong> CariCRIS has taken due care and caution in compilation of data for this product. Information has been obtained by CariCRIS from sources which it considers reliable. However, CariCRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. No part of this report may be published \/ reproduced in any form without CariCRIS\u2019 prior written approval. CariCRIS is also not responsible for any errors in transmission and especially states that it has no financial liability whatsoever to the subscribers\/ users\/ transmitters\/ distributors of this product<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>RATING DRIVERS \u00a0Supporting Factors: Low construction\/completion risk supported by a valid Fixed Price Lump Sum Turnkey (LSTK) Contract with Plant Performance Guarantees, though beset by delays in achieving commercial operations Reputable and commercially tested technology maximizes the likelihood of a successful operation Legally binding supply and offtake agreements in place with a high likelihood of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"table_tags":[],"class_list":["post-2734","post","type-post","status-publish","format-standard","hentry","category-rating-releases"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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