Proman expands methanol reach with exclusive UAE offtake deal
Methanol producer Proman has secured exclusive rights to market methanol output from ADNOC's TA'ZIZ methanol plant in the UAE, making it the sole company authorised to sell the fuel produced at the facility.
IMAGE: Methanol-capable oil/chemical tanker Stena Pro Patria docked at the Port of Spain in Trinidad. Proman Stena Bulk
TA'ZIZ is a joint venture between state-owned Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi Developmental Holding (ADQ), based in Al Ruwais Industrial City.
The venture is developing an integrated chemical hub that will host production of 1.7 million mt/year of blue ammonia by 2027 and 1.8 million mt/year of grey methanol by 2028.
The fuel is intended for bunkering among other end uses.
TA'ZIZ Methanol, a joint venture between Proman and TA'ZIZ, has secured around $2 billion in financing for what will be the UAE’s first world-scale methanol plant.
Proman currently operates five methanol plants in Trinidad and Tobago, where it produces grey methanol using natural gas and CO2 as feedstock. It has already supplied the fuel from these plants for bunkering, at the Port of Point Lisas in Trinidad and also in Singapore.
It has now secured a long-term offtake agreement that gives it exclusive rights to market the plant’s 1.8 million mt/year methanol output to customers in the UAE and international markets.
By Konica Bhatt
Please get in touch with comments or additional info to news@engine.online
