Methanol Holdings Borrows $1.2 Billion from German Bank
Methanol Holdings Trinidad Ltd., part of the CL Financial group (Lawrence Duprey), is borrowing $1.2 billion from a German Bank, according to a newswire report.
Bank Loans Company $1.2B to Build Plant
Methanol Holdings Trinidad Signs $1.2B Loan Agreement With KfW IPEX-Bank to Build Trinidad Plant
PORT-OF-SPAIN, Trinidad (AP) — Methanol Holdings Trinidad Ltd. has signed a US$1.2 billion (euro945 million) loan agreement with the German-based KfW IPEX-Bank to build a petrochemical plant in Trinidad, a company spokesman said Thursday.
Construction on the seven-building complex will begin later this year at the Point Lisas industrial complex on the twin-island republic’s west coast, said Vishard Chandool, spokesman for the umbrella organization of four Trinidadian methanol plants.
The project is scheduled to be completed by the first quarter of 2009.
The plant will produce two chemicals: urea ammonium nitrate, or UAN, a chemical used to fertilize crops and flowers; and melamine, a powder from which furniture laminate and a range of resins are produced.
The construction project was expected to employ some 2,500 workers. Once completed, the petrochemical plant will employ 400 permanent workers, Chandool said.
The loan agreement was signed on Wednesday by representatives from Methanol Holdings and KfW IPEX-Bank in the capital of Port-of-Spain.
Trinidad and Tobago is located 7 miles (11 kilometers) off the coast of Venezuela.
