Trinidad’s National Gas Company (NGC) and Methanex Trinidad Limited (Methanex), the world’s largest producer of methanol, have officially signed a gas sales contract (GSC) for the resumption of gas supply to the Titan methanol plant located on the Point Lisas Industrial Estate (PLIE).
The contract will see the Titan plant restarting operations in 2024, with an annual methanol production capacity of 875,000 metric tonnes. According to a release from the NGC, the Titan plant had been idled during the COVID-19 pandemic, “making its scheduled restart in 2024 particularly welcome news for Trinidad and Tobago.”
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In conjunction with the Titan plant’s revival, Methanex has announced its decision to idle the operations of its Atlas methanol plant in September 2024 due to economic considerations. This timing coincides with the expiration of the Atlas plant’s current natural gas contract.
NGC president, Mark Loquan, expressed his satisfaction with the achievement: “Throughout the process, our goal has always been to maximize value for all players in this challenging environment while seeking the interest of Trinidad and Tobago. With this GSC, we have managed to align and achieve those objectives.”
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Rich Sumner, president and chief executive officer (CEO) of Methanex Corporation, commended the collaborative effort: “We would like to thank the NGC for their professionalism during the negotiation process and reaffirm our commitment to working with the NGC and the Government of the Republic of Trinidad and Tobago to secure an economic long-term gas supply.”
The agreement between NGC and Methanex is said to hold great significance for Trinidad’s energy sector since its gas production has dwindled considerably over the last few years.
