Methanex no longer focused on buying BP share of Trinidad plant

26 April 2012 23:00  [Source: ICIS news]

HOUSTON (ICIS)--Buying the remaining share of the Atlas methanol plant in Trinidad has declined in priority for Methanex because so much time has elapsed since it was put up for sale, the Canada-based producer said on Thursday.

“For our point of view, there are no synergies for us in buying that plant,” Methanex chief Bruce Aitken said. “We operate the plant, we market all the methanol produced there, so for us it’s a financial transaction that is interesting at the right price.”

Methanex owns 63.1% of Atlas, and BP owns 36.9%. BP said in late September 2011  that it wanted to sell its share of the 1.7m tonne/year plant. “And here we are in April 2012 and there’s still no news,” Aitken said.

Analysts have estimated BP’s share of the plant to be worth anywhere from $125m–175m (€95m–133m). Methanex plans to spend much more than that - an estimated $400m - to move a plant from Chile to Louisiana in 2014.

($1 = €0.76)

By: Lane Kelley
+1 713 525 2653

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index