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Malaysian firm to set up methanol plant in Kazakhstan
28
May '14
Markmore Sdn Bhd, wholly-owned by Malaysian businessman Tan Sri Halim Saad, has signed a memorandum of understanding (MoU) with the Administration of Mangystau province of Kazakhstan for construction of a methanol plant in Kuryk.
 
The MoU for methanol plant was among the three MoUs signed between Malaysian companies and their respective Kazakh counterparts to undertake business projects with a total value of US$1.1 billion, during the visit of Malaysian Prime Minister Datuk Seri Mohd Najib Tun Abdul Razak to Kazakhstan last week.
 
The $700 million methanol plant would monetize the large gas reserves in the Rakushechnoye Field, which is owned by the Markmore Group, through its wholly-owned Kazakhstan subsidiary, CaspiOilGas LLP. The gas reserves at the oil field are estimated at 535 billion cubic feet, according to a New Straits Times report.
 
The methanol plant is targeted for completion by 2017. The methanol produced in Kuryk would be supplied through the vast railway network across the CIS countries.
 
Methanol is a liquid chemical with the formula CH3OH (often abbreviated MeOH). It is colorless, volatile, flammable, and poisonous. Because methanol has toxic properties, it is frequently used as a denaturant additive for ethanol manufactured for industrial purposes. It is also used in the textile industry.
 

Fibre2fashion News Desk - India


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