Petrochemical giant Proman has confirmed that the M2 plant in the Point Lisas Industrial Estate has been temporarily idled.
This follows the company’s decision in April to shutter the M3 plant.
In a statement the Swiss-based company said it made the decision “as a result of current market prices and flattened demand for methanol.”
The M2 plant has a production capacity of 525,000 metric tons per year, and is one of five methanol plants operated by Methanol Holdings (Trinidad) Ltd (MHTL), part of the Proman group of companies.
“The plant will remain idled until conditions are more favourable. We do not expect this decision to have any impact on our employee headcount at this time.
We will continue to closely monitor market conditions to determine any future changes to production,” the company said.
Also in April, Canadian fertiliser giant Nutrien shuttered its PCS 02 plant, and in March, another Canadian giant Methanex shuttered its Titan plant. Both companies also cited low international prices brought on by covid19’s impact, which stifled demand.