T&T not going ahead with $30B Methanol plant

Kevin Ramnarine

Energy Minister Kevin Ramnarine confirmed on Sunday that Trinidad and Tobago would not go ahead with a plan to build a $30 billlion methanol complex in partnership with Saudi Basic Industries Corporation (Sabic).

The Express newspaper reported Monday that Ramnarine made the disclosure in a text message to the private TV network TV6.

The report said Ramnarine added that the decision to end the negotiations was a "mutual" agreement between the parties involved and that one of the reasons for ending the deal was because Sabic and the government could not agree on a price for natural gas.

Sabic issued a statement over the weekend stating that it was not going to continue with negotiations for the planned complex. It stated that the "relevant parties did not reach a deal on the fundamental conditions for this project."

Ramnarine told TV6 News the Energy Ministry will issue a formal statement on the matter Monday.

This is a report published Sunday by the Associated Press (AP):

Saudi Basic Industries Corp.

Petrochemical giant Saudi Basic Industries Corp. says it is halting plans to develop a $5.3 billion methanol complex in the energy-rich Caribbean nation of Trinidad and Tobago.

In a Sunday statement, Sabic said it decided not to continue with negotiations for the planned complex after the "relevant parties did not reach a deal on the fundamental conditions for this project." No specifics on the differences were disclosed.

The project was expected to be a partnership with Sinopec Corp., one of China's three major state-owned oil companies.

Sabic announced a year ago that it hoped to develop the methanol plant in Trinidad...The twin-island Caribbean nation is the second biggest energy producer in the Caribbean after nearby Venezuela.