THE National Gas Company and Proman have reached an agreement to restart the M4 and M5 methanol plants at Pt Lisas.
These two plants, the largest producers of methanol in Trinidad and Tobago, were idle since the beginning of April due to the inability to secure an economically viable short-term gas supply contract for the month.
Proman’s chief executive officer Claus Cronberger said the significant increase in gas pricing made it unsustainable for the plants to operate.
On Tuesday Minister of Energy and Energy Industries Stuart Young issued a release stating that he had communicated with the NGC and Proman throughout the recent weeks and welcomed the fact that an agreement was reached.
The release stated, “The parties will continue to negotiate for a long-term gas supply agreement and the MEEI will continue to monitor this and communicate with the parties.
“These agreements and arrangements are part of the landscape of a sophisticated gas sector that is adapting to the many changes in the global energy sector and the Ministry of Energy and Energy Industries will continue to play an active role in ensuring the future of T&T and protecting the interests of the citizens of T&T.”
The M2 and M3, continued to operated using gas supplied by DeNovo – Proman’s upstream gas producer from the Iguana field in the Gulf of Paria.
