Methanex Completes the Restart of Its Chile IV Plant and Begins Receiving Argentine Natural Gas Supply
October 09 2018 - 9:00AM
Methanex Corporation (the “Company”) (TSX:MX) (NASDAQ:MEOH)
announced today that it has successfully restarted and produced
first methanol from its 0.8 million tonne Chile IV plant that has
been idle since 2007. In addition, the Argentine Government
recently granted permits to allow for the export of natural gas
from Argentina to Chile and Methanex has begun to receive natural
gas from Argentine suppliers. We expect that our current gas
agreements will allow for a two-plant operation in Chile during the
southern hemisphere summer months and up to a maximum of 75% of a
two-plant operation annually until mid-2020.
John Floren, President and CEO of Methanex
commented, "We are thrilled to announce the successful restart of
our Chile IV plant. Our team in Chile did an outstanding job in
completing this project with excellent safety performance and the
project was completed on schedule and on budget. We are also
extremely pleased to begin receiving natural gas from Argentina
once again and we are optimistic that in the long-term we can
secure sufficient gas without seasonal restrictions to underpin a
continuous two-plant operation.”
Methanex is a Vancouver-based, publicly traded
company and is the world's largest producer and supplier of
methanol to major international markets. Methanex shares are listed
for trading on the Toronto Stock Exchange in Canada under the
trading symbol "MX" and on the NASDAQ Global Select Market in the
United States under the trading symbol "MEOH".
FORWARD-LOOKING INFORMATION
WARNING
This press release contains certain
forward-looking statements with respect to us and our industry.
These statements relate to future events or our future performance.
All statements other than statements of historical fact are forward
looking statements. Statements that include the words “will” and
“expect” or other comparable terminology and similar statements of
a future or forward-looking nature identify forward-looking
statements. More particularly and without limitation, any
statements regarding the following are forward-looking
statements:
- expected levels and timing of natural gas supply to our Chile
facility, and
- expected operating costs, including natural gas feedstock costs
and logistics costs.
We believe that we have a reasonable basis for
making such forward-looking statements. The forward-looking
statements in this document are based on our experience, our
perception of trends, current conditions and expected future
developments as well as other factors. Certain material factors or
assumptions were applied in drawing the conclusions or making the
forecasts or projections that are included in these forward-looking
statements, including, without limitation, future expectations and
assumptions concerning the following:
- the supply of, demand for, and price of methanol, methanol
derivatives, natural gas, coal, oil and oil derivatives,
- operating rates of the Chile facility,
- the Chile facility’s operating costs including natural gas
feedstock costs, logistics costs, tax rates, foreign exchange rates
and interest rates, and
- global and regional economic activity (including industrial
production levels).
However, forward-looking statements, by their
nature, involve risks and uncertainties that could cause actual
results to differ materially from those contemplated by the
forward-looking statements. The risks and uncertainties primarily
include those attendant with producing and marketing methanol and
successfully carrying out major capital expenditure projects in
various jurisdictions, including without limitation:
- conditions in the methanol and other industries including
fluctuations in the supply, demand for and price of methanol and
its derivatives, including demand for methanol for energy
uses,
- world-wide economic conditions, and
- other risks described in our 2017 Annual Management's
Discussion and Analysis and our Second Quarter 2018 Management's
Discussion and Analysis.
Having in mind these and other factors,
investors and other readers are cautioned not to place undue
reliance on forward-looking statements. They are not a substitute
for the exercise of one's own due diligence and judgment. The
outcomes anticipated in forward-looking statements may not occur
and we do not undertake to update forward-looking statements except
as required by applicable securities laws.
For further information, contact:
Inquiries:Kim CampbellManager,
Investor RelationsMethanex Corporation604-661-2600 or Toll Free: 1
800 661 8851 www.methanex.com
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