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Eastman confirms deal to sell Texas methanol plant

January 10/2011

(ICIS) -- Eastman Chemical on Friday confirmed that it has an agreement to sell a mothballed Texas methanol and ammonia plant to a Swiss-based firm led by entrepreneur Deo Van Wijk, with the deal expected to close in the first quarter. Eastman did not disclose the terms of its pact with Pandora Methanol, a subsidiary of Janus Methanol.


Van Wijk, a former Methanex executive, said on Thursday that the agreement was signed in late December. He said the plant would begin testing in April and begin consumer production by July.


The plant will have a capacity of 850,000 tonnes/year of methanol and 250,000 tonnes/year of ammonia, he said.


In a statement, Eastman said the sale includes related ammonia tank and methanol terminal assets and a methanol pipeline in Beaumont.


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