Methanex to Idle 860,000 Mt/Year Methanol Plant in Trinidad and Tobago

Methanol producer Methanex is set to idle a large methanol plant over gas-supply concerns.

The company is starting the process of indefinitely idling its 860,000 mt/year plant in Trinidad and Tobago after failing to agree a new natural gaseous contract to the facility, it said in a statement on its website this week.

The existing gaseous contract to the plant expires in the third quarter of this year. The firm is undertaking a preservation process at the facility to allow to a future restart 'should conditions materially enhance', it said.

"This difficult decision reflects our focus on preserving prolonged shareholder value in a challenging ecological stability where the structurally tight gaseous supply and demand balances in Trinidad and Tobago are making operations commercially unviable," Rich Sumner, CEO of Methanex, said in the statement.

"We will monitor future developments closely, with a view to reassessing conditions and our position over the coming years."

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