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Jada Loutoo and Paula Lindo

National Gas Company (NGC) chairman Gerald Ramdeen has defended recent expenditure cuts at the state-owned energy company, saying the measures are necessary to restore fiscal discipline after what he described as years of mismanagement under the former administration.

In comments to Newsday, Ramdeen said the NGC’s reported $1.6 billion profit must be viewed in context, arguing that the returns generated from the country’s most valuable asset have been inadequate and obscured by significant losses at subsidiary companies.