The Power to Methanol project, an 8,000 ton per year pilot scheduled to start operations in 2022 at the port of Antwerp, has been officially canceled due to escalating costs. The development consortium, led by Inovyn, a subsidiary of chemicals giant Ineos, cited the ongoing energy crisis and geopolitical uncertainties as key factors influencing the project’s financial infeasibility. The consortium, comprising seven companies including Engie, Fluxys, Indaver, and the Port of Antwerp-Bruges, admitted that no offtakers were willing to commit to long-term contracts at current prices, making the production of e-methanol financially unviable. The project’s feasibility study alone cost approximately €2 million, with the regional Flemish government contributing €1 million in 2021. Inovyn, the project lead, already operates a chlor-alkali…