CNOOC on track for methanol plant start-up in September

11 June 2010 10:39  [Source: ICIS news]

SINGAPORE (ICIS news)--China National Offshore Oil Corp (CNOOC) is on track to start production at its new 800,000 tonne/year methanol plant in September, a company source said on Friday.

The new supply of methanol from the plant in Dongfang, on the country’s southern Hainan island, would likely depress methanol prices due to poor demand and high inventory levels, buyers said.

Prices of methanol have slipped from a high of $330/tonne ($274/tonne) CFR China at the end of 2009 to $235-245/tonne CFR China on 4 June, according to ICIS pricing.

CNOOC, which is China’s largest offshore oil and gas producer, operates a joint venture 600,000 tonne/year methanol plant with Hong Kong Kingboard Chemical at the same site.

($1 = €0.83)

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By: Heng Hui
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