JBIC affirms commitment to Trinidad

PORT OF SPAIN, September 7, 2016 – The Japan Bank for International Cooperation (JBIC) earlier this week said it would continue to support projects in Trinidad and Tobago, lauding the business environment in the country.

In an interview published late on Monday, Masahiro Ito, one of the bank’s division deputy directors, said that Trinidad continues to offer “high potential for projects in which Japanese companies can be involved.”

In a project update that accompanied the interview, JBIC reiterated that Trinidad and Tobago’s greenfield methanol and dimethyl ether production plant, currently under construction, is expected to start operations in March 2019. The facility aims to produce more than 900,000 tonnes of methanol and around 18,000 tonnes dimethyl ether per year at La Brea Union Industrial Estate.

The plant will be operated by Caribbean Gas Chemical Limited (CGCL), a joint venture between Japanese entities Mitsubishi Gas Chemical Company, Mitsubishi Corporation and Mitsubishi Heavy Industries, with The National Gas Company of Trinidad and Tobago representing the state. Massy Holdings completes the joint venture.

JBIC’s September 2015 loan agreement with CGCL, signed to the tune of USD 485 million, marked its first project finance award to Trinidad and Tobago. It is cofinanced with The Bank of Tokyo-Mitsubishi UFJ.

“This project, having direct involvement of the Japanese companies, is expected to bring diversification of methanol supply sources, and thus contribute to secure and stable supply of energy resources for Japan,” Ito said of the work. According to the deputy director, Japan’s methanol demand stands at around 1.54 million tonnes per year.

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