Brunei to target Asian methanol market
Saturday, June 30, 2007
THE Brunei methanol project will be targeting the Asian market, where the demand is expected to significantly grow in the coming years compared to other markets worldwide, Kinya Tsuji, CEO of Brunei Methanol Company (BMC), told economic and political intelligence publisher Oxford Business Group.
In 2005, the demand for methanol stood at 33 million metric tonnes and is forecast to grow at an annual rate of two to three per cent worldwide, said Kinya in OBG's latest paper, "Brunei: Moving Downstream".
Within the Asian market, the demand for methanol is expected to grow at five to six per cent.
He said 100 per cent of the methanol will be exported with Mitsubishi Gas Chemical Company (MGC) as BMC's secure buyer.
"They have very good experience in Saudi Arabia and Venezuela with methanol production so we are able to use their operational experience, knowledge and support," said the BMC CEO.
The methanol plant will be located at Sungai Liang Industrial Park, a 16-acre area created to spur economic growth by leveraging Brunei Darussalam's hydrocarbon resources. Construction at Sungai Liang, already underway, expects mechanical completion by 2009. The plant is scheduled to begin commercial operation in the first quarter of 2010.Dato Paduka Timothy Ong, chairman of the Brunei Economic Development Board (BEDB), sees the development of Brunei's energy sector in "three waves".
Citing the discovery of oil and gas off the coast of Seria in 1929 as the "first wave", Dato Timothy told OBG: "This was the beginning of upstream activities and the birth of the modern Bruneian economy. The second wave was 35 years ago in 1972 when we started producing LNG for export to Japan.
"Now, this year, we are entering into the third wave, which is the emergence of downstream industries. We refer to this process as extending the energy value chain," said the BEDB chairman.The Brunei Times
In 2005, the demand for methanol stood at 33 million metric tonnes and is forecast to grow at an annual rate of two to three per cent worldwide, said Kinya in OBG's latest paper, "Brunei: Moving Downstream".
Within the Asian market, the demand for methanol is expected to grow at five to six per cent.
He said 100 per cent of the methanol will be exported with Mitsubishi Gas Chemical Company (MGC) as BMC's secure buyer.
"They have very good experience in Saudi Arabia and Venezuela with methanol production so we are able to use their operational experience, knowledge and support," said the BMC CEO.
The methanol plant will be located at Sungai Liang Industrial Park, a 16-acre area created to spur economic growth by leveraging Brunei Darussalam's hydrocarbon resources. Construction at Sungai Liang, already underway, expects mechanical completion by 2009. The plant is scheduled to begin commercial operation in the first quarter of 2010.Dato Paduka Timothy Ong, chairman of the Brunei Economic Development Board (BEDB), sees the development of Brunei's energy sector in "three waves".
Citing the discovery of oil and gas off the coast of Seria in 1929 as the "first wave", Dato Timothy told OBG: "This was the beginning of upstream activities and the birth of the modern Bruneian economy. The second wave was 35 years ago in 1972 when we started producing LNG for export to Japan.
"Now, this year, we are entering into the third wave, which is the emergence of downstream industries. We refer to this process as extending the energy value chain," said the BEDB chairman.The Brunei Times
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