Pro­man says its glob­al foot­print is set to grow even larg­er af­ter the com­pa­ny and its Abu Dhabi-based part­ner se­cured US$2 bil­lion in fi­nanc­ing for what will be­come the Unit­ed Arab Emi­rates’ first world-scale methanol plant.

In a re­lease sent this morn­ing, Pro­man said the fi­nanc­ing for the TA’ZIZ Methanol Com­pa­ny project in Al Ruwais In­dus­tri­al City was heav­i­ly over­sub­scribed, sig­nalling strong in­vestor con­fi­dence in the petro­chem­i­cal ven­ture and in the fu­ture de­mand for methanol as both an in­dus­tri­al chem­i­cal and clean­er-burn­ing fu­el.

The project is a joint ven­ture be­tween TA’ZIZ and Pro­man, the Trinidad-linked methanol gi­ant head­quar­tered in Switzer­land with ma­jor op­er­a­tions based at the Point Lisas In­dus­tri­al Es­tate in Cou­va. Pro­man is one of Trinidad and To­ba­go’s largest methanol pro­duc­ers, op­er­at­ing sev­er­al lo­cal plants with an an­nu­al pro­duc­tion ca­pac­i­ty of about 4 mil­lion tonnes.