Titan Methanol Plant Set to Restart Operations in 2024

The NGC and Methanex have officially inked a fresh Gas Sales Contract (GSC) to facilitate the supply of gas to the Titan methanol plant, situated on the Point Lisas Industrial Estate. This landmark agreement, signed at the Hilton Trinidad and Conference Centre represents the culmination of extensive negotiations between the two entities, heralding positive news for the resumption of operations at the Titan plant, a world-scale methanol production facility that had been idled due to the impact of the pandemic.

With Titan's substantial methanol production capacity pegged at 875,000 metric tonnes per annum, the scheduled restart of operations in 2024 carries significant implications for Trinidad and Tobago's economy, heralding a welcome boost in production and economic activity.

In a parallel development, Methanex, widely recognized as the world's largest producer and supplier of methanol, has outlined its plans to idle operations at its Atlas methanol plant in September 2024. This strategic move is motivated by economic considerations and coincides with the expiration of the existing natural gas supply contract for the Atlas plant.

Mark Loquan, President of NGC, lauded the relentless efforts of the organization and its collaborators throughout the value chain in securing gas supply and meeting market demands. This endeavor is particularly noteworthy given the backdrop of depleting energy reserves and a continuously evolving market. Loquan underscored the central objective of maximizing value for all stakeholders within this challenging environment while simultaneously safeguarding the interests of Trinidad and Tobago. The successful conclusion of this Gas Sales Contract serves as a testament to their commitment in achieving these objectives.

Furthermore, Loquan expressed his optimism regarding the strengthening of NGC's partnership with Methanex, emphasizing the value of continued collaboration and shared objectives in the evolving energy landscape.

Rich Sumner, President and CEO of Methanex Corporation, conveyed his delight with the reached agreement, reflecting on the efforts of his team in securing a mutually beneficial arrangement with NGC. Sumner acknowledged the significance of preserving this strategic location within Methanex's global portfolio and the importance of maintaining a world-class team in the process.

He extended his appreciation to NGC for their professionalism during the negotiations and reaffirmed his commitment to working closely with NGC and the government to secure a sustainable, long-term gas supply that aligns with economic imperatives.

This momentous agreement between NGC and Methanex reflects a significant milestone in the energy landscape of Trinidad and Tobago. The collaboration signifies a concerted effort to leverage resources and capabilities to revitalize a key industrial facility, Titan methanol plant, while addressing economic considerations that impact the operations of the Atlas methanol plant. The mutual commitment to achieving shared objectives and fostering a strong partnership between NGC and Methanex demonstrates the resilience and adaptability of the energy sector, despite the various challenges it faces in an ever-changing global market. This collaborative spirit is indicative of a bright future for the energy industry in Trinidad and Tobago, where innovative solutions and sustainable practices are poised to thrive.