Methanex Corporation Provides Update on Egypt Operations

Rhea-AI Summary

Methanex Corporation (MX, MEOH) announced an unplanned outage at its Egypt methanol production facility, with an estimated production resumption by Q1 2024. As the world’s largest methanol supplier, this news impacts Methanex's stock performance and market position.

VANCOUVER, British Columbia, Nov. 22, 2023 (GLOBE NEWSWIRE) -- Methanex Corporation (TSX:MX) (NASDAQ:MEOH) announced today that its 1.26 million tonne Egypt methanol production facility (Methanex 50% equity interest of 0.63 million tonnes per annum) was impacted by an unplanned outage in mid-October caused by a mechanical failure in the synthesis gas compressor. The unit has since been removed from service and is currently being repaired on an expedited schedule at the manufacturer overseas. The Company currently estimates that production will resume towards the end of the first quarter of 2024.

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.

Inquiries:
Sarah Herriott
Director, Investor Relations
Methanex Corporation
604-661-2600 or Toll Free: 1-800-661-8851
www.methanex.com

FAQ

What is Methanex Corporation's ticker symbol on the Toronto Stock Exchange?

Methanex Corporation's ticker symbol on the Toronto Stock Exchange is MX.

What caused the unplanned outage at Methanex Corporation's Egypt methanol production facility?

The unplanned outage was caused by a mechanical failure in the synthesis gas compressor.

When does Methanex Corporation estimate production to resume at its Egypt facility?

Methanex Corporation estimates that production will resume towards the end of the first quarter of 2024 at its Egypt facility.

Where can I find more information about Methanex Corporation?

More information about Methanex Corporation can be found on their website at www.methanex.com.