By Medicine Hat News on February 2, 2024.
Methanex expects its new plant in Louisiana to reach full operating capacity this month, the company announced with financial reports this week.
Geismar 3, built at a cost of US$1.3 billion over three years, was green-lit in favour of a 2013 proposal to twin the company’s Medicine Hat plant. That came after several years of discussion and planning.
This week the company reported it expects the G3 facility to reach commercial operations “imminently.”
“Geismar 3 has one of the lowest CO2 emissions intensity profiles in the industry and significantly enhances our cash generation capability,” reads a release. “We expect the plant to ramp up to full rates over the month of February.”
G3 is rated to produce 1.8 million tonnes of methanol per year, about three times as much as the company’s Medicine Hat facility.
Overall, Methanex reported a full year net income of $174 million in the fiscal 2023 year, with higher production and slightly higher prices later in the year.