Methanol market strong worldwide
HOUSTON, Jan. 2, 2014 (PRNewswire) — LyondellBasell (NYSE: LYB) today announced that its methanol plant at Channelview, Texas, was placed into service in the fourth-quarter 2013 to take advantage of low-cost natural gas from shale formations. The unit had been out of service since 2004 due to the rising cost of natural gas, the key feedstock for methanol production.
According to spokesperson David Harpole, the activation of this plant has meant 24 new jobs to the complex.
The methanol unit has the capacity to produce 780,000 tons of methanol each year, he said. The unit was shut down in the year 2004 due to high prices for natural gas, but this has now been reversed by the availability of shale gas in the Texas Gulf Coast region.
Harpole said the restart work actually began in December, and continues as they carefully start up equipment that has not been in use.