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Methanex New Zealand announced today that it has secured additional natural gas feedstock and intends to restart one of its 900,000 tonne per year Motunui methanol plants until at least the end of 2009. The Motunui plant, which has been idle since 2004, is scheduled to restart in August and will require a capital investment of approximately NZ$70 million. Methanex will continue to operate its 500,000 tonne plant in Waitara Valley in New Zealand until the larger plant restarts.
Harvey Weake, Managing Director of Methanex New Zealand commented, ``We are pleased that we have been able to secure additional natural gas to restart one of our larger plants in New Zealand.’’
Mr. Weake added, ``The high energy price environment has led to continuing strong demand for methanol and upward pressure on methanol prices and the industry cost structure, which has allowed our assets in New Zealand to be competitive. With the re-opening of our Motunui plant, we will have 1.4 million tonnes of flexible capacity, which we will be able to utilise in the future dependent on market conditions and our ability to secure additional economically priced natural gas.’’
Methanex New Zealand is owned by Vancouver, Canada based Methanex Corporation – a publicly traded company engaged in the worldwide production, distribution and marketing of methanol. Methanex can be visited online at www.methanex.com. Methanex Corporation shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol "MX", on the NASDAQ Global Market in the United States under the trading symbol "MEOH", and on the foreign securities market of the Santiago Stock Exchange in Chile under the trading symbol "Methanex".
Information in this press release contains forward-looking statements. 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. Methanex believes that it has a reasonable basis for making such forward-looking statements. 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 include those attendant with producing and marketing methanol and successfully carrying out major capital expenditure projects in various jurisdictions, the ability to successfully carry out corporate initiatives and strategies, conditions in the methanol and other industries including the supply and demand balance for methanol, actions of competitors and suppliers, actions of governments and governmental authorities, changes in laws or regulations in foreign jurisdictions, world-wide economic conditions and other risks described in our 2006 Management’s Discussion & Analysis. Undue reliance should not be placed 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.