NASDAQ: MEOH US $48.71
TSX: MX CDN $67.00

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Methanex Reports Stronger Results in the Fourth Quarter

VANCOUVER, BRITISH COLUMBIA—(Marketwire – Jan. 27, 2010) – Methanex Corporation (TSX:MX)(NASDAQ:MEOH)(SANTIAGO:Methanex) – For the fourth quarter of 2009, Methanex reported Adjusted EBITDA(1) of $72.9 million and net income of $25.7 million ($0.28 per share on a diluted basis). This compares with Adjusted EBITDA of $31.0 million and a net loss of $0.8 million ($0.01 per share on a diluted basis) for the third quarter of 2009. For the year ended December 31, 2009, Methanex reported Adjusted EBITDA(1) of $141.8 million and net income of $0.7 million ($0.01 per share on a diluted basis).

Bruce Aitken, President and CEO of Methanex commented, “Continued upward momentum of methanol demand and higher energy prices have led to higher methanol prices and improved earnings. In the fourth quarter, we realized an average price of $282 per tonne which is about $60 per tonne higher than last quarter. And, as we enter the first quarter, methanol prices have continued to firm.”

Mr. Aitken added, “It is also pleasing to report better production across all of our sites in the fourth quarter. And with the recent start-up of a second plant in Chile and our new project in Egypt starting up later this year, there is significantly more upside potential to our earnings.”

Mr. Aitken concluded, “With US$170 million of cash on hand at the end of the year, a strong balance sheet, no near term refinancing requirements, and an undrawn credit facility, we are well positioned to continue to invest to grow the Company.”

A conference call is scheduled for January 28, 2010 at 11:00 am ET (8:00 am PT) to review these fourth quarter results. To access the call, dial the Conferencing operator ten minutes prior to the start of the call at (416) 695-7806, or toll free at (888) 789-9572. The passcode for the call is 2716488. A playback version of the conference call will be available for fourteen days at (416) 695-5800, or toll free at (800) 408-3053. The passcode for the playback version is 6704266. There will be a simultaneous audio-only webcast of the conference call, which can be accessed from our website at www.methanex.com. In addition, an audio recording of the conference call can be downloaded from our website for three weeks after the call.

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”, on the NASDAQ Global Market in the United States under the trading symbol “MEOH”, and on the foreign securities market of the Santiago Stock Exchange in Chile under the trading symbol “Methanex”. Methanex can be visited online at www.methanex.com.

FORWARD-LOOKING INFORMATION WARNING

This Fourth Quarter 2009 press release contains forward-looking statements with respect to us and the chemical industry. Refer to Forward-Looking Information Warning in the attached Fourth Quarter 2009 Management’s Discussion and Analysis for more information.

(1) Adjusted EBITDA is a non-GAAP measure that does not have any standardized meaning prescribed by Canadian generally accepted accounting principles (GAAP) and therefore is unlikely to be comparable to similar measures presented by other companies. Refer to Additional Information – Supplemental Non-GAAP Measures in the attached Fourth Quarter 2009 Management’s Discussion and Analysis for a description of each supplemental non-GAAP measure and a reconciliation to the most comparable GAAP measure.

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For further information, contact:

Jason Chesko
Director, Investor Relations
Methanex Corporation
604-661-2600

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