Methanex Increases Operating Capacity in New Zealand, Canada and Chile
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 10/07/13 -- Methanex
Corporation (TSX:MX) (NASDAQ:MEOH) has reached a number of key
milestones with respect to its near-term capacity growth objectives
in New Zealand, Canada and Chile.
On October 4, 2013, the company successfully produced its first
methanol from the newly restarted 0.5 million tonne plant in Waitara
Valley, New Zealand. In September, Methanex also restarted an idle
distillation unit which will debottleneck methanol production
capacity at the Motunui, New Zealand site. These two initiatives will
enable Methanex to increase its total annual operating capacity in
New Zealand by up to 0.9 million tonnes depending on natural gas
Also in September, Methanex began production from the distillation
capacity it has added at its facility in Medicine Hat, Alberta. The
new unit adds 0.1 million tonnes of annual operating capacity at the
John Floren, President and CEO of Methanex, said, "We are excited to
be restarting our Waitara plant and to have completed our
distillation capacity initiatives in New Zealand and Medicine Hat.
These initiatives represent important milestones in reaching our
growth objectives. This new operating capacity, combined with our two
1 million tonne plant relocations from Chile to Geismar, Louisiana,
will allow us to increase our operating capacity by up to 3 million
tonnes to a total of 8 million tonnes by 2016." Mr. Floren added,
"The projects have been completed on schedule and on budget, thanks
to many months of hard work by our teams in New Zealand and Canada."
Methanex has also restarted its 0.9 million tonne Chile I plant. John
Floren said, "We expect the restarted Chile plant to produce methanol
at a higher average daily rate than we achieved in the first quarter
of 2013, supported by gas supplies from both Chile and Argentina
through a tolling arrangement. We have a first class team in Chile
and they have worked hard over the past months on this Chile re-start
project, while at the same time progressing the relocation of two
Chilean plants to Geismar."
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.
FORWARD-LOOKING INFORMATION WARNING
This press release contains forward-looking statements with respect
to us and our industry. Statements that include the words "expects",
"will", 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 operating capacity at Methanex's facilities now and in the
-- successful completion of Methanex's relocation of plants from Chile to
-- expected operating rates at Methanex's facilities.
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
-- operating capacity and operating rates at Methanex's facilities, and
-- timing of successful completion of Methanex's Geismar relocation
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
-- our ability to enter into gas purchase arrangements on commercially
-- the ability to successfully carry out corporate initiatives and
-- changes in laws or regulations, and
-- other risks described in our 2012 Management's Discussion and Analysis
and second quarter, 2013 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
Director, Investor Relations
604-661-2600 or Toll Free: 1 800 661 8851
Director, Government and Public Affairs
604 661 2600 or Toll Free: 1 800 661 8851
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