Americas News
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 gas contract for the facility, it said in a statement on its website this week.
The existing gas contract for the plant expires in the third quarter of this year. The firm is undertaking a preservation process at the facility to allow for a future restart 'should conditions materially improve', it said.
"This difficult decision reflects our focus on preserving long-term shareholder value in a challenging environment where the structurally tight gas 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."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 963.00 | 26.00 | 1351.50 | 10.50 |
| Rotterdam | 766.00 | 3.00 | 1446.00 | 11.50 |
| Houston | 817.00 | 11.50 | 1421.00 | 1.00 |
| Fujairah | 981.00 | 12.00 | 1768.50 | 17.50 |
| Americas Average | 962.50 | 8.50 | 1630.50 | 22.50 |
| Global 20 Ports Average | 929.50 | 10.50 | 1565.00 | 13.00 |
| Global 4 Ports Average | 882.00 | 13.50 | 1496.50 | 9.50 |
| Global Average Bunker Price | 978.50 | 20.00 | 1616.50 | 18.50 |
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