Methanex Announces Temporary Interruption of its Trinidad Operations
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 27, 2014) - Methanex Corporation (TSX:MX)(NASDAQ:MEOH) announced today that its Trinidad operations have been temporarily idled due to an interruption in power supply. The facilities have not been receiving electrical power off the national grid since the morning hours of November 27.
The National Gas Company of Trinidad and Tobago took its 56-inch cross-island natural gas pipeline out of service to investigate a possible underground leak. Consequently, natural gas supply to a major power generator is not available. We understand the outage has impacted most industrial power users on the Point Lisas estate. Trinidad and Tobago Electricity Commission (T&TEC), the local power company, has advised that they expect national grid power to be returned in 3-5 days. Methanex is taking the necessary steps to manage the situation and ensure a safe and efficient restart of the plant once power is restored.
Methanex is the operator and majority shareholder of the 1.7 million tonne Atlas methanol facility with 63.1% ownership. Methanex also owns 100% of the 0.9 million tonne Titan methanol facility. Both plants are located in Point Lisas, Trinidad.
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 Market in the United States under the trading symbol "MEOH". Methanex can be visited online at www.methanex.com.
FORWARD-LOOKING INFORMATION WARNING
This press release contains forward-looking statements with respect to us and our industry. Statements that include the word "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 statement regarding the expected length of the shutdown and timing of a restart of our Trinidad facilities is a forward-looking statement.
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 availability in the future of power supply to the Trinidad plants.
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 those risks described in our 2013 Management's Discussion and Analysis and our Third Quarter 2014 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.
Director, Investor Relations
604-661-2600 or Toll Free: 1 800 661 8851