Yet another blow to the labour force as Methanex Corporation announced today that it expects its Titan methanol facility in Trinidad to remain idled indefinitely. A restructuring process has been outlined to support a one-plant operation and reduce its Trinidad workforce by approximately 60 positions , filled by employees and long-term contractors.
The Vancouver-based Methanex is the world's largest producer and supplier of methanol to major international markets. According to the company, the decision was based on the uncertainty of the economic climate.
John Floren, President and CEO, Methanex Corporation, said, "We remain committed to doing business in Trinidad and Tobago and we believe that we will be able to secure an economic longer-term natural gas agreement for Titan in the coming years. Our operations in Trinidad are well located to supply global methanol markets and are an important component of our global production network. We are taking the necessary steps to maintain Titan to ensure a safe and efficient restart of the plant when a longer-term gas agreement is reached."