By May 18, 2018 Read More →

West Virginia Economic Development Authority: Methanol plant may not open until 2019


Charleston Gazette-Mail

U.S. Methanol CEO Frank Bakker, center, and board of directors member Richard Wolfi, left, talk with state Commerce Secretary Woody Thrasher after breaking ground for a new methanol plant in Institute in this 2017 file photo.
(Gazette-Mail file file photo)

CHARLESTON, W.Va. — The construction of a methanol production facility in Institute is taking longer than anticipated, according to the state Economic Development Authority.

The EDA approved a one-year commitment extension for its $10 million loan to US Methanol’s Liberty One plant in Institute at its monthly meeting Thursday. The EDA gave final approval for the loan in September, the same month US Methanol broke ground on the plant.

The extension gives US Methanol more time to construct its plant and still be able to close on and use the loan once it’s up and running.

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