Despite Methanex Corporation’s announcement that it will idle its Trinidad and Tobago Titan plant, Minister of Energy and Energy Industries Dr Roodal Moonilal has expressed optimism that the global company will return sooner rather than later, with gas supplies expected to improve.
Speaking to journalists following his feature address at the Grant Memorial Presbyterian Primary School’s graduation celebrations on Tuesday, Minister Moonilal said the government acknowledged the company’s decision to mothball its local methanol plant as part of its global business model.
“The government of Trinidad and Tobago has taken note of the decision of Methanex to idle their Titan operations in Trinidad and Tobago. From the release, it is very clear that Methanex is a global operator, and they have been for some time now looking at their international portfolio. As you know, they do business throughout the world, in every corner of the earth they are in operations, and this decision they have taken is pursuant to their global business model.”
However, Minister Moonilal expressed optimism regarding the methanol company’s reopening of its T&T-based facility.
“For some time now they have been engaged with the NGC in dialogue concerning gas pricing and gas allocation and so on. Regrettably we are at a stage where there could be no agreement at this time, but I am very confident that as we go forward, the decision of Methanex to preserve and idle their plant keeps the door open for a restart-ready situation where they may be able to restart in a short term.”
He added that the lines of communication remained open between the Government of Trinidad and Tobago and Methanex.
“We’ll continue dialogue with the NGC, we continue dialogue with all stakeholders, including Methanex, to look at this environment that is very challenging now, as you know. As we go forward, we have several projects that will mean increase in gas supply, expansion in production and that will have an impact upon negotiations with the downstream operators. And we are hoping that at some time very soon we can be discussing with Methanex and with other players as well as gas production increases.”
The Energy Minister noted that this was not the first time an international company operating in Trinidad and Tobago had mothballed its plant.
He added that the closure of the Pointe-a-Pierre Refinery in 2018 had a more severe impact on the country.