Home' Trinidad and Tobago Guardian : June 25th 2015 Contents A29
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LOS ANGELES---Several independent music label
groups, including those representing Adele, Arcade
Fire and Radiohead, say they can now support Apple
Music after Apple reversed a decision not to pay
royalties during the 90-day free trial period and
adjusted other terms.
The streaming service, set to launch Tuesday, had
drawn the ire of Taylor Swift and other indie artists,
who were preparing to withhold releases because of
the royalty-free trial.
Martin Mills, chairman of Adele's Beggars Group,
said in a statement Wednesday he was happy to
endorse the current deal. Adele's new album 25 is due
out later this year.
It remains to be seen how much new music comes
to the service, although Pharrell tweeted on Tuesday
a teaser video to his single Freedom with the tagline
"Only on (Apple) Music." (AP)
Independents line up behind Apple Music
InvestTT's Stacy Adams, second from left, speaks with lecturer MBM International
Trade, Logistics and Procurement at the Arthur Lok Jack Graduate School of
Business Tobias Schulze Frenking, right, and senior investment specialist at the
Ministry of Trade, Industry, Videsh Maharaj, following the launch of the Unctad
World Investment Report 2015 at the Arthur Lok Jack Graduate School of Business,
Mount Hope, yesterday. See story on Page A30. PHOTO: MARCUS GONZALES.
UNCTAD WORLD INVESTMENT LAUNCH
The long awaited initial public
offering (IPO) in Phoenix Park
Gas Processors will be launched
within the next few weeks, pres-
ident of the National Gas Com-
pany (NGC) Indar Maharaj said
on Tuesday night.
Speaking with reporters follow-
ing a tour of NGC s facilities at
Point Lisas, Maharaj said the
prospectus for the IPO has already
been submitted to the Securities
and Exchange Commission (SEC)
"They will review the prospectus
and send it back to us with their
comments so we can make adjust-
ments. Then we wil send it back
to them for a final review and once
they are okay with it, they will
authorize us to do the IPO. Once
that happens, the IPO will be
launched," he said.
Maharaj said the IPO would have
been ready if issues had not arisen
with the First Citizens Bank IPO≥
However, he said, one it is launched
citizens will have a fair opportunity
to own part of T&T s energy sec-
tor.He said NGC purchased a 39
per cent stake in Phoenix Park for
US$600 million from US oil giant
ConocoPhillips in September 2013.
"We acquired the shares and
invested it in a TTNGL, a local
company, and we therefore started
the process of doing an initial pub-
lic offering of approximately 49
per cent of that 39 per cent to put
into the public domain," he said.
He explained that earlier this
year, NGC was given authorization
to continue with the IPO process.
Maharaj said NGC plans to
expand upstream, midstream and
downstream. He said the company
has been operating at 99.9 per cent
reliability and the recent downgrade
from Moody s investors Services
had nothing to do with the its per-
formance. He also said NGC reaped
hundreds of millions of dollars in
profits after it started marketing
its natural gas. At present, 55 per
cent of the gas produced in T&T
goes to the LNG trains in Point
Fortin. NGC owns 10 per cent in
Train 1 and 11 per cent in Train 4.
The purchase of the French-
based global energy operator Total s
Exploration and Production (E&P)
assets, priced at US$473 million,
which was finalised last September
30, "allowed NGC to have a 30 per
cent shareholding in Block 2 (c)
and an 8.5 per cent in Block 3(a),
which allows a production capacity
of approximately 15,000 barrels of
oil equivalent per day and a gas
volume of 220 MMscf/d," he said.
In addition. NGC had deepened
its involvement in the upstream
business which comprises a 10 per
cent shareholding in the South East
Coast Consortium (SECC), 20 per
cent shareholding in Trintomar and
15 per cent ownership of the Teak,
Samaan and Poui oilfields located
east of Mayaro.
Maharaj said NGC has 120 light
industrial customers who get nat-
ural gas at subsidized prices.
Phoenix Park IPO
President of the National Gas
Company (NGC) Indar Maharaj.
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