Methanex, the global methanol producer based in Canada, says it will begin “indefinitely idling” its Titan methanol plant in T&T.
This comes after the company failed to secure a new natural gas supply contract with the National Gas Company.
In a statement, the company said the plant’s existing gas agreement expires in the third quarter of 2026, making operations commercially unviable due to tight gas supply conditions.
The company’s President Rich Sumner also acknowledged the Government’s efforts to address the country’s gas supply challenges.
Methanex says it will preserve the facility in case of a future restart if conditions improve.
Its Atlas plant, in the Point Lisas Industrial Estate, has been idle since September 2024.
The company says it will continue engaging with local authorities and support workers during the shutdown process.
Meanwhile, former Energy Minister Stuart Young has described the shutdown of the plant as “disastrous news” for this country’s energy sector.
Speaking on the development, he warned that the closure adds to recent industrial shutdowns and reflects what he described as a decline in the country’s petrochemical sector.
Meanwhile, former Energy Minister Stuart Young has described the shutdown of Methanex’s Titan plant as “disastrous news” for this country’s energy sector.
Speaking on the development, he warned that the closure adds to recent industrial shutdowns, saying it reflects what he described as a decline in the country’s petrochemical industry.
Mr Young criticised the Government’s handling of the energy sector.
Mr Young also linked the development to broader concerns about gas supply, jobs, and foreign exchange earnings.
