Over the last two years, Ashurst Tokyo has been advising Caribbean Gas Chemical Limited (CGCL) in relation to the project financing of a methanol (and dimethyl ether) production facility at the Union Industrial Estate in the La Brea area of southern Trinidad, in the Republic of Trinidad and Tobago.

Project financing has been obtained from The Japan Bank for International Cooperation together with cofinancing provided by The Bank of Tokyo-Mitsubishi UFJ, Ltd. and certain other commercial lenders with an overall debt facility of USD693 million.

The Ashurst team is delighted that the project recently reached financial close. The Ashurst team comprised Rupert Burrows (Partner), Dominic Gregory (Partner), David McCormick (Senior Associate) and Naota Suzuki (Associate).

CGCL is a joint venture company established by Mitsubishi Gas Chemical Company, Inc. (MGC), Mitsubishi Corporation (MC) and Mitsubishi Heavy Industries, Ltd. together with Trinidad and Tobago's state-owned company The National Gas Company of Trinidad and Tobago Limited and Massy Holdings Limited.

This project is intended to lead to the expansion of overseas methanol production markets which are invested in by Japanese companies and so it is expected to contribute to a stable supply of petrochemical resources for Japan.