MOVES: Trinidad MHTL NAMES Patrick acting CEO

30 May 2013 19:18  [Source: ICIS news]

HOUSTON (ICIS)--Trinidad methanol producer Methanol Holdings (Trinidad) Limited (MHTL) has appointed Dennis Patrick as acting chief executive, according to a statement obtained on Thursday.

Sources close to the company said Patrick had been the right-hand man of Rampersad Motilal, the former chief executive, who resigned last week for personal reasons.

A statement from MHTL said Patrick was appointed on 28 May. The statement was signed by Nello Ramkissoon, named as company secretary and also listed as chief financial officer on the company’s website.

MHTL did not return calls seeking further comment. A little more than half of the company is owned by an insurance firm, Clico, and the government of Trinidad and Tobago.

The consensus among industry sources maintains that Motilal left under pressure from the Proman Group, a European-based engineering and construction firm that runs MHTL’s plants and is also part of a group that owns a partial stake of the methanol producer.

Newspapers in Trinidad said Motilal’s resignation comes just weeks before an arbitration court in London will decide on a claim by the minority shareholders challenging a 2009 deal that effectively gave majority ownership in MHTL to Clico and the Trinidad government.

MHTL’s five plants in Trinidad produced almost 3.4m tonnes of methanol in 2012, according to data from the Ministry of Energy and Energy Affairs, making the Caribbean firm the second largest methanol producer in the world.

Canada-based Methanex produced approximately 4m tonnes of methanol in 2012, with 1.6m tonnes from its two plants in Trinidad, according to the company’s website.

Methanex claims to be the world’s largest methanol supplier and has made clear publicly that it sells a lot of material that it does not produce.

The company’s sales of purchased methanol last year totaled 2.5m tonnes, or 34% of its total sales volume, according to data on the Methanex website.

By: Lane Kelley
+1 713 525 2653

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