Gulf of Guinea to build methanol plant in Nigeria

ABUJA, NIGERIA: Gulf of Guinea Oil Exploration Limited (GGOEX) is investing N109.02 billion ($700 million) in the establishment of a methanol plant in Nigeria. According to the company, it is currently processing a Due Diligence Assessment with the Gas Aggregation Company of Nigeria (GACN) and is also in discussions with the Federal Government of Nigeria.

The company said that the plant, with a capacity of 850,000 metric tonne of methanol productions will be the largest in Africa, adding that the company has selected the Mitsubishi Methanol Process (MMP) as process technology for the establishment of the plant. The new plant is expected to come online in 2015.

The company noted that the project will be the first commercial-scale installation of the MMP process in Methanol production technologies in West Africa and would be located at the Gas Industrial park in Delta State. The company further stated that the cost of the project will be debt-equity financed by the International Financial Corporation (IFC) and fund syndication from local banks.

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