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Methanex Corporation Provides Update on Egypt Operations
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Rhea-AI Summary
Methanex Corporation (MX, MEOH) announced an unplanned outage at its Egypt methanol production facility, with an estimated production resumption by Q1 2024. As the world’s largest methanol supplier, this news impacts Methanex's stock performance and market position.
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VANCOUVER, British Columbia, Nov. 22, 2023 (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 impacted by an unplanned outage in mid-October caused by a mechanical failure in the synthesis gas compressor. The unit has since been removed from service and is currently being repaired on an expedited schedule at the manufacturer overseas. The Company currently estimates that production will resume towards the end of the first quarter of 2024.
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
What is Methanex Corporation's ticker symbol on the Toronto Stock Exchange?
Methanex Corporation's ticker symbol on the Toronto Stock Exchange is MX.
What caused the unplanned outage at Methanex Corporation's Egypt methanol production facility?
The unplanned outage was caused by a mechanical failure in the synthesis gas compressor.
When does Methanex Corporation estimate production to resume at its Egypt facility?
Methanex Corporation estimates that production will resume towards the end of the first quarter of 2024 at its Egypt facility.
Where can I find more information about Methanex Corporation?
More information about Methanex Corporation can be found on their website at www.methanex.com.
methanex corporation is the world’s largest producer and supplier of methanol to major international markets in north america, asia pacific, europe and latin america. methanex is a vancouver, canada-based, publicly traded company with shares listed for trading on the toronto stock exchange in canada under the trading symbol "mx"; on the nasdaq global market in the united states under the trading symbol "meoh". methanol, a liquid chemical produced primarily from natural gas, is used as a chemical feedstock in the manufacture of a range of consumer and industrial products, such as building materials, foams, resins, and plastics, as well as in the production of methyl tertiary-butyl ether; and energy applications. methanex can be visited online at http://www.methanex.com.
