Shortages force Atlantic LNG to make cuts

PORT OF SPAIN, June 14, 2017 – Atlantic LNG is set to make major cuts in staffing as a result of continuing gas shortages. In a statement released on Tuesday, the company said that around 7% of employees would be let go.

Stagnant investment in Trinidad and Tobago’s upstream and infrastructure modernisation have led to shortages measured at an estimated 30% of previous levels. The Point Fortin facility’s utilisation rate is currently less than 70%.

“Atlantic is facing the toughest period in its 20-year history. Global LNG prices remain at depressed levels and at the same time, Atlantic continues to suffer from unprecedented levels of gas supply shortfall.”

All told, fewer than 50 permanent employees will be affected by the cuts. Beginning June 14, the company plans to offer voluntary separation packages to its employees.

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