Mitsubishi Corp. (8058) is leading a group of investors that plan to build a methanol-to-petrochemicals complex in Trinidad, the Trinidad and Tobago Guardian newspaper reported today, citing Energy Minister Kevin Ramnarine.
The group, which also consists of Mitsubishi Gas Chemicals Co. (4182), ICCL of the U.S. and local company Neal & Massy Holdings Ltd. (NML), will invest $850 million in the first phase of the project, the newspaper said. The complex will be based on a 50- hectare (123.6 acres) site near the town of La Brea, in southwestern Trinidad, the paper said.
The project will require 100 million standard cubic feet per day of natural gas and will produce among other products di- methyl ether, which is used as a substitute for propane and diesel, the Guardian said. The first stage of the complex may start as early as the last quarter of 2013, the newspaper said, citing Ramnarine.
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