OCI Global to Double Green Methanol Production Capacity in Response to Increasing Demand

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OCI, a company listed on Euronext, has announced plans to double its green methanol capacity in Beaumont, Texas to 400,000 tonnes per year. This move would solidify OCI’s position as the largest producer and supplier of green methanol in the world. Currently, OCI has an annual production capacity of 200,000 tonnes of green methanol. The company’s customers include the road fuels market, industrial applications, and the shipping industry.

OCI recently supplied green methanol for the delivery voyage of Maersk’s methanol-fueled containership. The vessel made multiple bunkering operations in South Korea, Singapore, and Europe before arriving in Copenhagen for a naming ceremony. In North Europe and the Baltic, the fuel for the vessel will initially be supplied by Equinor, with an e-methanol plant in Southern Denmark set to come online in 2024.

OCI predicts a significant increase in demand for green methanol from the shipping industry, reaching 6 million tonnes by 2028. Methanol has become the preferred alternative fuel for newbuildings, with 225 methanol dual-fuel ships currently on order. However, there is uncertainty regarding the future supply of green methanol fuel.

OCI CEO Ahmed El-Hoshy stated that there is regulatory support for both ammonia and methanol in shipping, and both fuels will play a crucial role in meeting the International Maritime Organization’s targets. OCI has already signed a deal to supply X-Press Feeders with green methanol in the Port of Rotterdam starting in 2025. CEO of OCI Methanol/HyFuels, Bashir Lebada, highlighted the rapid growth in marine demand and suggested that retrofits could create an even larger market than newbuildings.

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