NGC Petrochemicals Limited has completed negotiations with Gulf Coast Methanol 1, LLC and its parent IGP Methanol LLC of the USA, for a Purchase and Sales Agreement that will allow NGC to acquire blue methanol from IGP’s Gulf Coast Methanol project.
The blue methanol will come from IGP Methanol’s first world-scale blue methanol plant in Louisiana.
It is being developed to supply the rapidly growing and unmet global demand for ultralow-carbon methanol.
The first plant is expected to come on stream in 2026.
The plant will adopt the Topsoe SynCor Blue MethanolTM technology, which uses hydrogen to power its process.
This significantly reduces the amount of CO2 emitted from methanol processing.
In a media release on Tuesday, NGC said this milestone achievement marks the culmination of several months of collaboration, following the announcement of a term sheet signed by the parties in December 2021.
The new agreement means NGC will soon be able to purchase blue methanol – a low-carbon petrochemical commodity – for trading through its expanding energy marketing and trading portfolio.
The inclusion of blue methanol in its portfolio bolsters NGC’s reputation as an emerging player in the global clean energy space, and regional leader in championing the Green Agenda and sustainability.
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