Project Profile
Value: US$700 million
Location: Gas Industrial Park in Delta State, Nigeria
Production: 2,500mtpd of federal grade AA methanol
Capacity: 850,000mtpa of methanol
Start-up Year: 2015
Gulf of Guinea Oil Exploration (GGOEX) is planning to construct a US$700 million methanol plant at the Gas Industrial Park in Delta State, Nigeria, in 2015 to produce 850,000mtpa of methanol. GGOEX has also selected the Mitsubishi Methanol Process (MMP) of Mitsubishi Gas Chemical (MGC) as the process technology for the plant. The proposed plant will produce 2,500mtpd of federal grade AA methanol, which is used to produce acetic acid, MTBE, formaldehyde and other products for the chemical and petrochemical industries. The new plant, which is expected to come on stream in 2015, will be the first commercial-scale installation of the MMP process in methanol production technologies in West Africa. The plant will be financed by International Financial Corporation on debt-equity basis and fund syndication from local banks. GGOEX is presently processing a due diligence assessment with the Nigerian Gas Aggregation Company and also holding discussions with the Federal Government of Nigeria. The project is expected to increase the monetisation of Nigeria\'s gas potentials and also develop midstream industries using gas resources.
Operators:
Gulf of Guinea Oil Exploration (GGOEX): Operator with 100% interest
Contractors:
Mitsubishi Gas Chemical (MGC): Provider of the Mitsubishi Methanol Process (MMP) technology