The Proman Group has announced that it will be immediately restarting its M4 and M5000 plants at the Point Lisas Industrial Estate, following the resumption of an interim gas agreement with the National Gas Company.
At the start of this month Proman, this country’s largest producer of methanol announced it would be idling the two plants.
In a release issued today, NGC and Proman said the interim agreement would be put in place while the commercial terms of a long-term gas supply are being finalised.
President of NGC Mark Loquan said the negotiating teams have had “very constructive discussions” to forge a path for the short term while also remaining focused on longer term collaboration.
Managing Director of Proman, Claus Cronberger, said restarting the plant will bring immediate benefits to the gas value chain and the national economy.
Meanwhile, Minister of Energy and Energy Industries, Stuart Young MP, has said he is pleased at the news the Proman plants have restarted.
An official statement from the Ministry of Energy and Energy Industries noted:
“Minister Young had been communicating with both the National Gas Company of Trinidad and Tobago Limited (NGC) and Proman throughout the recent weeks and welcomes the fact that parties reached an agreement that led to the restart of M4 and M5.”
The Ministry’s statement also said it will continue monitoring the negotiations for a long-term gas supply agreement and will be communicating with the respective parties.
“These agreements and arrangements are part of the landscape of a sophisticated gas sector that is adapting to the many changes in the global energy sector and the Ministry of Energy and Energy Industries will continue to play an active role in ensuring the future of Trinidad and Tobago and protecting the interests of the citizens of Trinidad and Tobago,” the Ministry’s release said.