Jogmec makes first e-methanol investment: Correction
Corrects Jogmec's acquisition of a stake in HIF Global.in paragraph 2
Japan's state-owned energy agency Jogmec is investing for the first time in the e-methanol sector since the launch of a financing scheme in 2022 to aid domestic supplies of low-carbon fuels.
Jogmec announced on 8 August that it has accepted Japanese refiner Idemitsu's application to Jogmec's overseas financing scheme for hydrogen and low-carbon fuels-related projects. Jogmec will provide $36mn to the US' HIF Global through Idemitsu's US subsidiary Idemitsu Efuels America (IEAC) and obtain an undisclosed stake in the IEAC.
Idemitsu, through IEAC, will also invest $114mn to secure an undisclosed stake in US' HIF Global.
The deal follows Idemitsu's initial agreement with HIF in March 2023 to work on production and promotion of e-fuels, along with a decision to buy e-methanol from HIF and jointly study the possible development of the fuel.
Idemitsu and Jogmec plan to import e-methanol and other synthetic fuels from HIF's projects and use them as shipping fuels, as well as feedstocks to generate synthetic fuels and petrochemical products.
HIF is targeting to produce around 4mn t/yr of e-methanol equivalent by 2030 at its production sites in Tasmania in Australia, Matagorda in the US, Magallanes in Chile and Paysandu in Uruguay.
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Japan’s Sekisui to boost Thai CPVC compound output
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Braskem mulls Brazil capacity cuts, units closures
Braskem mulls Brazil capacity cuts, units closures
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OxyChem lowers full year guidance on economic concerns
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