Methanex Completes the Restart of Its Chile IV Plant and Begins Receiving Argentine Natural Gas Supply
VANCOUVER, British Columbia, Oct. 09, 2018 (GLOBE NEWSWIRE) -- 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:
Manager, Investor Relations
604-661-2600 or Toll Free: 1 800 661 8851