Gulf of Guinea Oil Exploration Limited to Invest N109 billion in methanol plant in Nigeria

Gulf of Guinea Oil Exploration Limited is set to invest $700 million (N109.02 billion) to establish methanol production plant in Nigeria, by 2015. It will have the capacity for 850,000 metric tonnes and will be the biggest in West Africa.  The company said it will use Mitsubishi methanol process as process technology to establish the plant. The establishment is a boost to the investment moves of the Federal Government, and will extend Nigeria’s gas potentials.