11 July 2013 19:02 [Source: ICIS news]
HOUSTON (ICIS)--Valero, the largest independent refiner in the ?xml:namespace>
Valero estimates upgrading its refinery in Saint Charles for a methanol plant will cost $600m-700m (€468m-546m), making it among the largest and also one of the cheaper US projects announced in order to cash in on the boom in shale plays that have kept domestic natural gas prices low.
“Who hasn’t at this point said they’re going to start making methanol in the
The list of projects to be restarted, expanded or built new in
Another industry observer estimated that there were methanol projects in the
The observer said that low
“All of these companies are just flush with capital now,” he said. “Where else do you put your money?"
Valero already has put a lot of money down on the methanol project, recently adding two hydrogen units at its 270,000 bbls/day
Valero officials estimated that, without the hydrogen units in place, the cost of building a methanol plant would run $1.2bn-$1.3bn.
“We don’t have to build hydrogen plants; we’re already halfway there,” said Bill Day, Valero’s media director. “We think we have advantages already in place.”
($1 = €0.78)
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