ENERGY Minister Stuart Young is putting his faith in methanol.
At an industry event at the Hyatt Regency, Port of Spain, on August 21, the minister was evidently won over by the chemical compound’s potential.
He announced plans to go to Cabinet to advocate for changes in the legal specifications for gasoline products coming into TT.
"If we in TT can provide these types of fuels, and in particular methanol, it is going to encourage people to move their ships to methanol fuel and to know that we are perfectly positioned here in TT," said Mr Young.
"We are going to be a leader in the region because we have the products in both LNG and methanol. TT will be at the forefront to ensure that we have the competitive advantage in the diversification towards a maritime industry by supplying these two alternative products."
This month, Methanex – which has a 63.1 per cent interest in a 1.8 million-tonne-per-year methanol production facility, as well as a history of engagement with local authorities and bodies, including the National Gas Company – partnered with the National Energy Corporation, Paria Fuel Company, Uni-Tankers, Green Marine, Bunker Holding and Chinese-based transportation company NYK for a bunkering demonstration, held at Point Lisas.
The use of methanol, which is low-carbon, as a bunkering fuel appears to be prominent in the energy-sector zeitgeist these days.
On August 16, the Stena Prosperous, a vessel tied to methanol producer Proman TT, bunkered at Pt Lisas.
At a media tour, company officials suggested the increasing demand for methanol for marine fuel and TT’s strategic location mean the country could become a methanol bunkering hub.
The company has experience with methanol as marine fuel. In 2019, it partnered with Stena Bulk to create six 49,900 dead-weight tonne tanker ships delivered between 2022 and January 2024.
"We are really looking to exploit all of the opportunities to ensure that the very important products that we make, and where Trinidad is positioned on the global market, continue," said managing director, operations, Aleeya Ali.
"It is very important for us, not just as Proman, for us as Trinidad, to continue that investment. It is a legacy the country has built, not just in terms of the contribution of Point Lisas (and) the downstream sector to the economy. It is in so many facets of direct and indirect contribution: employment, taxes, foreign exchange, revenues."
The implications of this kind of interest could be far-reaching.
Energy Chamber CEO and president Dr Thackwray Driver this month also called for legislation to allow for methanol fuel blending in gasoline for cars.
"Methanol is a rapidly growing marine fuel, and as a major global methanol producer, TT has the opportunity to play a significant leading role in the development of this industry," he said. "We are well located geographically."
The Cabinet should certainly weigh the need for legislative change to stimulate diversification, but also do so while paying attention to regulation and the goal o
