Methanex to increase participation in Trinidad methanol projects
Methanex Corp., Vancouver, has acquired options to participate or increase participation in two Trinidad and Tobago methanol projects from Beacon Group Energy Investment Fund LP for $17 million.
By the OGJ Online Staff
HOUSTON, July 5 -- Methanex Corp., Vancouver, acquired options to participate or increase participation in two Trinidad and Tobago methanol projects from Beacon Group Energy Investment Fund LP for $17 million.
Methanex obtained Beacon Group's right to participate by way of equity in the proposed 1.7 million tonne/year Atlas methanol facility to be built in Trinidad and Tobago by Methanex and BP PLC. The equity interest was not disclosed.
The agreement also grants Methanex an option to acquire Beacon's 75% interest in the 850,000 tonne/year Titan methanol plant at Port Lisas, Trinidad. The acquisition brings Methanex's interest to 85%.
The option will expire Dec. 31, 2003.
The transaction is subject to approval from Titan's senior lenders.
Pierre Choquette, Methanex president and CEO, said, "These transactions allow us to enhance our position for future growth in Trinidad -- a strategic location with abundant natural gas reserves, duty-free access to both the United States and Europe, and an association with a world-class energy company in BP."
Methanex said it is the world's largest producer and marketer of methanol.