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US Commits $2Bln for Construction of World’s First Methanol Production Facility

© AFP 2023 / ANTONIO SCORZAA technician checks the quality of methanol (File)
A technician checks the quality of methanol (File) - Sputnik International
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Secretary of Energy Ernest Moniz announced that US Department of Energy has offered a conditional $2 billion guarantee loan commitment to Lake Charles Methanol company for the construction of the world’s first methanol production facility.

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WASHINGTON (Sputnik) The US Department of Energy has offered a conditional $2 billion guarantee loan commitment to Lake Charles Methanol company for the construction of the world’s first methanol production facility, US Secretary of Energy Ernest Moniz announced in a release on Wednesday.

"This conditional commitment represents a major milestone in the Department’s efforts to scale up carbon capture utilization and sequestration and continue American leadership in advanced fossil energy technologies," Moniz stated.

The project will reduce emissions of carbon dioxide, according to the release.

The Energy Department noted that Lake Charles Methanol anticipates some $3.8 billion in total infrastructure investment that will support the local economy and create 1,000 construction and 200 permanent jobs in Louisiana.

Methanol is one of the most widely-used industrial chemicals that can be applied to production of plastics, furniture, automotive parts and fuel blending.

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