Methanex Update on Trinidad Natural Gas Supply Discussions

VANCOUVER, British Columbia, Dec. 18, 2019 (GLOBE NEWSWIRE) -- Methanex Corporation (TSX:MX) (NASDAQ:MEOH) announced today that it has entered into an interim agreement with the National Gas Company of Trinidad and Tobago Limited (“NGC”) for the supply of natural gas to its Titan methanol facility (“Titan”) for the period from January 1, 2020 to January 31, 2020. The existing natural gas supply agreement for Titan expires on December 31, 2019 and the interim agreement will enable Methanex to continue operations at Titan while continuing negotiations with NGC for a longer-term natural gas supply agreement.

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 news release contains 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 word "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 anticipated operating rates of Methanex’s Titan plant are forward-looking statements.

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 our ability to procure natural gas feedstock on commercially acceptable terms and the operating rate of Titan. 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:

  • our ability to obtain natural gas feedstock on commercially acceptable terms; and
  • other risks described in our 2018 Annual Management’s Discussion and Analysis and our Third Quarter 2019 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 implied by 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:

Investors:
Kim Campbell
Manager, Investor Relations
Methanex Corporation
604 661 2600 or Toll Free: 1 800 661 8851
www.methanex.com

Media:
Indu Sharma
Director, Business Development, Gas and Global Stakeholder Relations 
Methanex Trinidad Limited
868 679 4400
www.methanex.com