HOUSTON, TEXAS – March 9, 2018
IGP Methanol (IGP), COSCO, and Jinguotou (JGT) agreed to cooperate to construct up to two methanol plants in IGP Methanol’s Gulf Coast Methanol Park to supply feedstock for Jinguotou’s Methanol-to-Olefins (MTO) facility at Jin Zhou Port. The plants will each have a capacity of 1.8 million tons of methanol per year.
IGP Methanol Chairman Mr. James S Lamoureaux said, “IGP is pleased to begin this cooperation with internationally esteemed logistics company COSCO and JGT. The project will assure long-term stable and low-priced pure methanol for JGT’s MTO projects as well as supply ultra-clean fuels to China, from abundant US natural gas resources. IGP’s local US construction and operations will create thousands of jobs in Louisiana and the local communities in the US Gulf Coast.”
The cooperation with IGP and JGT brings opportunity for COSCO to access and participate in the new Green Energy Revolution Market. It is a key step for COSCO to move toward new clean transportation fuels, promoting the transformation and upgrading of traditional businesses for COSCO Energy Transportation, while providing strong support for IGP Methanol and JGT methanol distribution.
Methanol is the fastest-growing New Energy fuel in China being used to replace coal in industrial boilers while reducing pollution by 95%. It is also growing globally as a low-sulfur, low NOx marine fuel that also reduces PM2.5 by 95% and SOx by 99%.
China COSCO Shipping Energy Transportation Co., Ltd, IGP Methanol LLC and Jinguotou (Dalian) Development Co., Ltd (JGT) signed a “Memorandum of Understanding on US Gulf Coast Methanol Project Cooperation” (MOU) in Shanghai. Mr. Huang Xiaowen, Executive Vice President of China COSCO Shipping Corporation Limited attended and witnessed the signing ceremony. Mr. Liu Hanbo, President of COSCO Shipping Energy Transportation Co., Ltd and Mr. James S. Lamoureaux, Chairman of IGP Methanol LLC and Mr. Ning Hongpeng, Vice President of Jinzhou Port Co., Ltd signed the MOU on behalf of the three Parties.
The companies also intend to discuss the feasibility of building new shipping vessels for the project, which can run on methanol, supporting government policies for clean energy and blue skies.