Mitsubishi Gas, Venezuela to invest in methanol plant

Mitsubishi Gas Chemical Co., Mitsubishi Corp. and Petroleos de Venezuela SA will invest US$400 million in a methanol plant to tap rising demand for alternative fuels. Mitsubishi Gas Chemical and Mitsubishi Corp. will each have a 24% stake, and Mitsubishi Heavy Industries Ltd. will build the plant. The Nihon Keizai newspaper reported earlier that Mitsubishi Gas Chemical wants to increase methanol production capacity worldwide to 8.3 million tons per year by 2010, which would surpass the 7-million-ton output of leader Methanex Corp. of Canada. (December 22, 2006)