Methanex Corporation Provides Update on Egypt Operations

Rhea-AI Summary

Methanex announced the temporary idling of its 1.26 million tonne Egypt methanol production facility due to lower gas supply and increased seasonal power demand. Methanex holds a 50% equity interest in this facility, equating to 0.63 million tonnes per annum. The company is collaborating with its partner and gas supplier to restore gas supply. Methanex, based in Vancouver, is the world’s largest methanol supplier, with shares traded on the TSX under 'MX' and NASDAQ under 'MEOH'.

Positive

• Methanex is the world’s largest methanol supplier, indicating market leadership.
• Active collaboration with partners to restore gas supply shows proactive management.

Negative

• Temporary idling of the Egypt facility may lead to production and revenue losses.
• Gas supply issues highlight potential vulnerability to external supply disruptions.

VANCOUVER, British Columbia, June 04, 2024 (GLOBE NEWSWIRE) -- Methanex Corporation (TSX:MX) (NASDAQ:MEOH) announced today that its 1.26 million tonne Egypt methanol production facility (Methanex 50% equity interest of 0.63 million tonnes per annum) was temporarily idled this morning as lower gas supply and increased seasonal demand for power generation has led to gas curtailments to industrial plants. Methanex is working closely with its partner and gas supplier to resume gas supply.

Methanex is a Vancouver-based, publicly traded company and is the world’s largest 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 Market in the United States under the trading symbol “MEOH”. Methanex can be visited online at www.methanex.com.

Inquiries:
Sarah Herriott
Director, Investor Relations
Methanex Corporation
604-661-2600 or Toll Free: 1-800-661-8851
www.methanex.com

FAQ

Why did Methanex idle its Egypt methanol production facility?

Methanex idled its Egypt methanol production facility due to lower gas supply and increased seasonal power demand.

When was the Methanex Egypt methanol production facility idled?

The Methanex Egypt methanol production facility was idled on June 04, 2024.

What is Methanex's equity interest in the Egypt methanol production facility?

Methanex holds a 50% equity interest in the Egypt methanol production facility.

How much methanol does the Egypt facility produce annually?

The Egypt methanol production facility has an annual capacity of 1.26 million tonnes.

What is the trading symbol for Methanex on NASDAQ?

The trading symbol for Methanex on NASDAQ is 'MEOH'.