Mitsubishi Gas Chemical and Mitsubishi Corporation Sign Project

Mitsubishi Gas Chemical and Mitsubishi Corporation Sign Project Development
Agreement for Establishment of Methanol & Dimethyl Ether Production in Trinidad
and Tobago 
Tokyo, Apr 9, 2013 - (JCN Newswire) -  Two Japanese companies, Mitsubishi Gas
Chemical Company ("MGC")(TSE 4182) and Mitsubishi Corporation
("MC")(TSE 8058; LSE MBC) are in the final stages of an agreement
with the Government of Trinidad and Tobago and local partner, Neal & Massy
Holdings Limited, to start developing a project for the commercialization of
natural gas based petrochemicals. Phase 1 of the project under consideration
will produce 1 million tons of methanol and 100 thousand tons of dimethyl ether
per year. The partners are aiming to reach a final investment decision during
the course of the current fiscal year, with commercial operations scheduled to
start in fiscal year 2016. 
Methanol, made mainly from natural gas, is used as a raw material in the
manufacture of a wide range of products, including adhesives, agrochemicals,
paints and synthetic resins. Dimethyl ether, for its part, has been receiving a
lot of attention as a substitute for LPG and as a next generation clean energy
substitute for diesel fuel in automobiles and in power generation. MGC and  MC
will sell the methanol produced to the global market, while promoting dimethyl
ether in Trinidad and Tobago and the wider Caribbean as an alternative to
diesel fuel in collaboration with the Government of Trinidad and Tobago and
Neal & Massy. 
The global demand for methanol is currently 60 million tons per year, and this
demand is expected to see a 4-5% growth in the coming years. By using natural
gas produced in Trinidad and Tobago as the main source of raw materials for
producing methanol, a basic chemical, and dimethyl ether, a liquefied gas, the
project will be making a contribution to economic growth in Trinidad and Tobago
and the Caribbean region while at the same time helping to satisfy the growing
global demand for methanol. The partners will continue to work closely with the
Government of Trinidad and Tobago and Neal & Massy towards the development
of other downstream petrochemicals in Trinidad and Tobago. 
About Mitsubishi Corporation 
Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business
enterprise that develops and operates businesses across virtually every
industry including industrial finance, energy, metals, machinery, chemicals,
foods, and environmental business. MC's current activities are expanding
far beyond its traditional trading operations as its diverse business ranges
from natural resources development to investment in retail business,
infrastructure, financial products and manufacturing of industrial goods. With
over 200 bases of operations in approximately 80 countries worldwide and a
network of over 500 group companies, MC employs a multinational workforce of
nearly 60,000 people. For more information, please visit 
Mitsubishi Corporation
Telephone: +81-3-3210-2171
Facsimile: +81-3-5252-7705 
Copyright 2013 JCN Newswire. All rights reserved. 
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