Venezuela's Metor starts up 850,000 t/yr methanol plant - sources

06 August 2010 04:35  [Source: ICIS news]

SINGAPORE (ICIS)--Metanol de Oriente (Metor) has started production at its second methanol plant with a capacity of 850,000 tonnes/year  in Jose, Venezuela last month, according to sources close to the company on Friday.

This would raise Metor's total methanol production to 1.6m tonnes/year, said the sources. 

Metor is a venture involving Petroquimica de Venezuela (Pequiven) , Mitsubishi Corporation, Mitsubishi Gas Chemical, Inversiones Polar SA and the International Finance Corporation, based on Pequiven's website.

Mitsubishi Corporation, Mitsubishi Gas Chemicals and Pequiven were responsible for marketing the methanol from Metor's plants, market sources said.

Volumes from the new methanol plant would mainly serve Europe and the United States, with some amount to be alotted for internal demand in Venezuela and neighbouring countries such as Brazil, market participants said.

The current global demand for methanol was pegged at more than 40m tonnes/year, and had been growing at a rate of 2-3% per annum, based on industry estimates. 

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By: Heng Hui
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