Methanex Reaches Agreement for Additional Natural Gas Supply to its Chile Operations
VANCOUVER, British Columbia, Dec. 07, 2017 (GLOBE NEWSWIRE) -- Methanex Corporation (the “Company”) (TSX:MX) (NASDAQ:MEOH) announced today that it has reached agreement with Empresa Nacional del Petróleo (“ENAP”) for additional gas supply to its Chile operations through December 31, 2019.
John Floren, President and CEO of Methanex, commented, "We are pleased to reach agreement with ENAP for this additional natural gas supply. We are now fully committed to the restart of the Chile IV facility which is targeted for the third quarter of 2018. We continue to be optimistic that our underutilized 1.7 million tonne Chile operations represent a very low capital cost growth opportunity for Methanex due to the significant progress in developing natural gas reserves in the area.”
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 "expect", and "continue" 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:
- The future operating rate at Methanex’s Chile operation,
- Methanex's ability to increase future production in Chile, and
- Timing of and our ability to execute on the Chile IV facility restart.
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:
- our ability to procure natural gas feedstock for our Chile operation on commercially acceptable terms, and
- operating costs at our Chile plants including natural gas feedstock and logistics costs, capital costs, tax rates, cash flows, foreign exchange rates and interest rates.
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 2016 Annual Management's Discussion and Analysis and our Third Quarter 2017 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:
Vice President, Treasury and Investor Relations
Tel: 604 661 2600