Methanex to advance the shut down of two high cost methanol plants

04-Oct-2005

Methanex announced that it plans to permanently cease production of Methanol and ammonia at its Kitimat site on November 1, 2005, approximately two months earlier than the previously announced closure date of early January 2006. This is as a result of an agreement reached with Mitsui & Co., Ltd., with whom Methanex has an agreement to supply ammonia produced at the Kitimat site.

In addition, Methanex plans to cease production at its 500,000 tonne per year Waitara Valley plant in New Zealand on September 30, 2005 due to unfavourable economics. This plant remains a flexible asset for Methanex, with future operations dependent on securing economically priced natural gas.

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