Tokyo-headquartered specialty chemicals business Mitsubishi Gas Chemical Company, Inc. (4182.T) on Thursday said it has entered into a sales and purchase agreement with Texas-headquartered Transition Industries LLC for the offtake of ultra-low carbon methanol.
Transition Industries is currently planning, together with the International Finance Corporation (IFC) of the World Bank Group and other partners, the "Pacifico Mexinol Project" in Mexico that aims to produce 2.15 million tons per year of ultra-low carbon methanol.
The agreement would take effect upon the Project's Final Investment Decision.
Starting from the commencement of commercial operation, scheduled for 2029, Mitsubishi Gas Chemical Company would offtake approximately 1 million tons per year of ultra-low carbon methanol.
Other financial details of the transaction have not been disclosed.
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