Curtis Williams
OGJ Correspondent
PORT OF SPAIN, May 28 -- Methanex Corp. Vancouver, has acquired the remaining 90% interest in the 850,000 tonne/year Titan methanol plant in Trinidad from Beacon Energy Invest Fund LP and BP PLC for $79 million plus debt.
Methanex already owned 10% of the plant at Port Lisas, Trinidad. Last year, Methanex negotiated an option to acquire Beacon's 75% interest (OGJ Online, July 5, 2001). In addition, Methanex bought BP's 15% interest.
Upon closing, Methanex will pay $29 million of limited recourse long-term debt related to Titan. After that repayment, Titan's total debt will be $194 million.
Methanex Pres. and CEO Pierre Choquette said, "This transaction allows us to move from receiving a commission for marketing 100% of Titan's production to realizing the full margin on the sale of methanol produced from Titan."
Titan is next to the 1.7 million tonne/year Atlas methanol plant now under construction. Atlas, a joint venture between BP and Methanex, is expected on stream in 2004.
