The Gulf Of Guinea set to construct $700m Methanol Plant in West Africa

The Gulf of Guinea Oil Exploration Limited GGOEX has outlined plans to construct the largest West African methanol plant in Nigeria specifically in 2015, for the price of 109 billion naira ($700 million). The plant will have a production capacity of 850,000 metric tonnes of Methanol per year, with the cost of the project to be debt-equity financed by International Financial Corporation (IFC) as well as fund syndication from local banks. The project will be the debut commercial-scale employment of the Mitsubishi Methanol Process (MMP) process in Methanol production technologies in West Africa, and would be located at the Gas Industrial park in Delta State, the oil-rich region of the Federal Republic of Nigeria. Gulf of Guinea Oil Exploration Company is currently processing a Due Diligence Assessment with the Gas Aggregation Company of Nigeria GACN for an approval of the construction and environmental sustainability of the project according to reports from Nigeria. Emmanuel Ejemurua, co-coordinator for the methanol project, disclosed that the global demand for methanol was growing at around 4 percent annually and that the GGOEX project is intended to manufacture and export methanol to meet this demand, thereby enhancing the monetization of Nigeria’s huge gas reserves. “The Delta Methanol Plant is ideally located to supply its major export markets in Europe and expectations are high that it will produce a competitive product, bring added value to society and further contribute to industrial growth in Nigeria,”Mr. Ejemurua said. The Gulf Guinea Oil Exploration is a Nigerian Integrated Energy Company incorporated in 2011, positioned to engage in the exploration, development and production of Oil & Gas reserves in established and emerging frontiers in the Gulf of Guinea.