Oct. 4. 2010
Marubeni Corporation signed a Memorandum of Understanding (MOU) with the government of the Republic of Ghana (the Ministry of Trade & Industry and the Ministry of Energy) on the 1st of October to jointly conduct a feasibility study for a methanol plant project in Ghana.
Aiming to utilize the natural gas by-product from the Jubilee and other oil fields in Western Ghana as the prime raw material, the study will look at the prospects of producing 850,000 tons a year of methanol for both export and domestic fuel use in order to limit imports. The application of Japanese methanol production technology will also be considered for the project.
Methanol is employed as a basic raw material in various chemical products and in recent years has become increasingly popular in the processing of DME (dimethyl ether), an eco-friendly fuel. Global demand of methanol has reached 40 million tons a year with continued annual growth of 3% foreseen.
The project is expected to bring to Ghana not only foreign currency, but also employment, know-how, technology and related infrastructure.
Marubeni Corporation established a Sub-Sahara Desk in Johannesburg, the Republic of South Africa in April of last year and an office in Accra, Ghana in April of this year to focus on the development of new business in areas in Africa where future economic growth is expected.