Methanex Announces Temporary Interruption of Its Egypt Operations
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/25/14 --
Methanex Corporation (TSX: MX)(NASDAQ: MEOH) announced that its joint
venture operation, Egyptian Methanex Methanol Company S.A.E.
(EMethanex), has been idled temporarily due to gas availability.
Methanex has been advised by its gas supplier, which is a shareholder
in EMethanex, that it will likely not be able to resume gas
deliveries before the end of July 2014 due to the priority allocation
of available natural gas to meet peak summer electricity demand.
The Egypt plant was temporarily idled on June 12, 2014. It had been
anticipated that the plant would resume operations shortly
thereafter. However, due to ongoing gas constraints related primarily
to increased seasonal electricity demand, the outage has extended.
Methanex is working with its gas supplier and other stakeholders to
minimize the impact of the shutdown.
Methanex is the operator and majority shareholder of EMethanex with
50% ownership. The EMethanex plant, which can produce 1.3 million
tonnes of methanol per year, is located in Damietta, Egypt on the
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 "may" 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
expected length of the shutdown and timing of a restart of our
Egyptian plant 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 gas supply in Egypt, and
-- Enforcement of contractual arrangements and ability to perform
contractual obligations by the natural gas supplier to our Egyptian
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 First Quarter 2014 Management's Discussion and
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
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