Coogee Chemicals to go ahead with methanol expansion project
Australia-based chemical company Coogee Chemicals will go ahead with a $1bn investment to expand its methanol plant due to changed carbon price legislation in Australia.
The company has recently closed the same project due to increased carbon prices brought about by the Australian Government.
Coogee Laverton methanol plant manager Grant Lukey was quoted by The Age as saying that Coogee is continuing the methanol project.
''The project is ongoing, but the carbon tax hasn't made it any easier in getting it up,'' Lukey added.
''The project that was envisaged back then was killed off ... but that doesn't mean you can't revisit the project under the new economic scenario ... and that's what's happened. There have been some fundamental shifts in the legislation.''
The previous investors had moved away from the methanol expansion and invested in Chinese projects, according to the sources.
The news agency also said that the company is searching for sites for the project, and that the carbon price still made the project more difficult than it would have otherwise been.
Methanol is used to manufacture particle board, paint, plastic bottles, rubber and other basic products.