Business performance

PPGPL utilised the low cost 936 Carifa Bonds to finance the initial construction of the Plant. This represented the first time that a Trinidad and Tobago company accessed this form of financing.

  • In 1998, PPGPL secured US$110M of project financing through a 15-year tenor bond offering via U.S. Capital Markets. This, along with the achievement of a higher international investment credit rating than the country's, represented a first for a Trinidad and Tobago company.
  • In 2002, PPGPL secured US$41.3M of project financing through a 13-year tenor local bond offering which represented the largest and longest tenor USD bond issued by a local energy company in the local market.
  • In 2004, PPGPL secured a $37 million bank loan facility to fund the capital costs associated with the Fractionation 3 Expansion project. In the process of securing this financing PPGPL also achieved an upgrade in its credit rating from Standard & Poor's from BBB to A-.
  • In 2013, approximately 60.0% of PPGPL's revenue was derived from LPG sales, comprised of propane 34.0% and butane 26.0%. LPG is primarily sold to the Caribbean and Central American markets. PPGPL is able to charge its customers a premium price in these markets due to its ability to leverage Trinidad and Tobago's proximity to these markets, its marketing strengths, and its ability to ship and sell to these markets in flexible volumes.

Notwithstanding the availability of products from competitor sources, PPGPL believes that the quality of its products and its reputation for reliability makes it the preferred choice of LPG purchasers.