Japan’s three Mitsubishi group companies have signed a contract with state-owned National Gas Company of Trinidad and Tobago Ltd and Massy Holdings to build a methanol producing plant in the Caribbean country for about $1 billion. Mitsubishi Gas Chemical Co, Mitsubishi Corp and Mitsubishi Heavy Industries said they will aim to complete the construction of the plant, capable of producing 1 million tonnes per year of methanol in June 2018, with operations set to start in October that year. The Japanese firms said they have signed contracts for engineering, procurement and construction (EPC) and gas supply and that discussions were under way with a banking syndicate to finalise a loan agreement. Methanol will be sold worldwide, they said. The plant will also have capacity to make 20,000 tonnes per year of dimethyl ether, which would be promoted as a substitute for diesel in Trinidad and Tobago.