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Consolidated Energy Limited and Natgasoline LLC sign Certificate of Mechanical Completion for largest methanol production facility in United States

Consolidated Energy Limited (“CEL”), controlling shareholder of Natgasoline LLC (“Natgasoline”), has today announced, in partnership with OCI N.V., the signing of the Certificate of Mechanical Completion for the 5,000-metric ton per day methanol plant in Beaumont, Texas. The signing of the certificate signals the end of the major construction activity of the facility. Operations of the plant have now been handed over to Natgasoline for final commissioning and start-up, with the first production of methanol due in mid-May.

The Natgasoline facility is expected to have a capacity of up to 1.75 million metric tons per annum and will be the United States’ largest methanol production facility. CEL, which is a subsidiary of Proman Holding AG (“Proman”) and Helm AG (“Helm”), has injected approximately US$680 million in cash into the project to bring the start-up of the facility to fruition. The investment has been made via G2X Energy (Beaumont) LLC. (“G2X”), a subsidiary of CEL.

David Cassidy, CEO of Proman and Chairman of CEL and Natgasoline said

“The signing of the Certificate of Mechanical Completion is an important and exciting milestone for CEL and the Proman Group. The completion of this facility will allow us to expand operations in North America and better serve our customers world-wide with high quality competitively priced methanol. I would also like to congratulate our main contractor Orascom E&C USA for achieving this major milestone.”

“I am delighted to see the mechanical completion of the Natgasoline project, the largest methanol production facility in the United States,” said Brent Gwaltney, CEO of Natgasoline. “We can now complete the last small steps in commissioning and start producing methanol. I look forward to getting started and continuing to work closely with all our partners to produce methanol at the best prices for our customers.”