National Energy Recovers US$484,000 Debt from Well Services

The National Energy Corporation of Trinidad and Tobago Limited recovered US$484,000 of a US$779,619.69 debt owed by Well Services Petroleum Company. The outstanding rental payments, tied to the use of berth three and associated marine facilities at the Port of Brighton in La Brea, dated back to 2022 and risked becoming statute-barred before the state enterprise took legal action.

High Court Proceedings Secure Port Rental Debt Recovery

National Energy secured a consent order through High Court proceedings requiring Well Services to pay the full outstanding sum alongside interest and legal costs. The state enterprise disclosed that while Well Services had previously acknowledged the debt in writing and agreed to make periodic payments, the previous board and management took no steps to collect the overdue funds. Without the intervention, the US$779,619.69 exposure faced permanent loss under limitation rules.

Board Shift Alters State Asset Revenue Collection

National Energy’s current board, which took office in July 2025, initiated the recovery after identifying systemic failures in rent collection and agreement enforcement. The corporation reported that prior agreements had not been escalated, outstanding rental charges went uncollected, and settlement pacts remained unenforced. National Energy Chairman Gerald Ramdeen described the recovery as evidence of a fundamental shift in managing public assets.

“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,”

Gerald Ramdeen

Ramdeen maintained that the corporation holds a responsibility to protect entrusted resources and enforce financial obligations. He stated that the operational environment prior to April 2025 has concluded. Users of state assets must now fulfill payment obligations or face contractual and legal sanctions.

Unresolved Balances and Payment Schedules Remain Unspecified

The debt recovery forms part of a wider corporate initiative by National Energy to address outstanding receivables and enforce payment terms associated with the use of its facilities. The organization’s public release did not detail the specific payment schedule established for the remaining balance or state the exact amounts recovered for interest and legal costs to date.