A $500 million methanol plant which will produce 1,000 tonnes a day of the chemical could start operating by 2024 in the Darwin Harbour. The project will require 40 terajoules of gas every day. The company’s chief executive indicated they would not be using any newly tapped reserves from the NT’s emerging fracking industry.
Coogee, a Western Australian chemical company, will spearhead this project. The company has two plants in this area. The project has an estimate of creating 1000 new jobs. Such projects need supportive governments and plenty of natural gas.
Mr Lukey would not confirm where exactly the company would source the significant amount of offshore gas needed per day for production.
Inpex confirmed in 2013 that the gas from its plant had been already sold to international markets. ConocoPhillips was also reportedly considering selling off its NT assets last month, as stated in the Australian Financial Review.
According to the Northern Territory Chief Minister Michael Gunner the project would support more than 1,000 new jobs during construction and an additional further 350 direct and indirect jobs during the tenure. It will be called as a manufacturing hub by 2030. Methanol is mostly used as a fuel additive and in the manufacture of products such as textiles and pharmaceuticals.