China COSCO Shipping Energy Transportation, IGP Methanol and Jinguotou (Dalian) Development (JGT) have started feasibility discussions on building new methanol-fuelled carriers as part of a plant project.
The trio on Wednesday entered into a memorandum of understanding for cooperation on a US Gulf Coast methanol project to construct 1.8 million metric tonne (mt) capacity methanol plants.
They agreed to cooperate to construct up to two methanol production facilities in IGP Methanol's Gulf Coast Methanol Park to supply feedstock for Jinguotou's Methanol-to-Olefins (MTO) facility at Jin Zhou Port.
“Methanol is the fastest-growing new energy fuel in China being used to replace coal in industrial boilers while reducing pollution by 95%,” say IGP Methanol.
“It is also growing globally as a low-sulphur, low NOx marine fuel that also reduces PM2.5 by 95% and SOx by 99%.”
According to the company, the cooperation with IGP and JGT brings opportunity for COSCO to access and participate in the new Green Energy Revolution Market.
“It is a key step for COSCO to move toward new clean transportation fuels, promoting the transformation and upgrading of traditional businesses for COSCO Energy Transportation, while providing strong support for IGP Methanol and JGT methanol distribution,” they explain.
The Chairman of IGP Methanol was pleased with the development.
“IGP is pleased to begin this cooperation with internationally esteemed logistics company COSCO and JGT,” says James S Lamoureaux.
“The project will assure long-term stable and low-priced pure methanol for JGT's MTO projects as well as supply ultra-clean fuels to China, from abundant US natural gas resources.
“IGP's local US construction and operations will create thousands of jobs in Louisiana and the local communities in the US Gulf Coast.”
Photo credit: IGP Methanol
Published: 15 March, 2018
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