Methanex Announces Temporary Interruption of Its Egypt Operations
25 Juni 2014 - 9:15AM
Marketwired
Methanex Announces Temporary Interruption of Its Egypt Operations
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 25, 2014) -
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
Mediterranean Sea.
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
following:
- 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
plant.
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 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 anticipated in forward-looking statements
may not occur and we do not undertake to update forward-looking
statements except as required by applicable securities laws.
Sandra DaycockDirector, Investor RelationsMethanex
Corporation604 661 2600 or Toll Free: 1 800 661
8851www.methanex.com
Methanex (TSX:MX)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Methanex (TSX:MX)
Historical Stock Chart
Von Jun 2023 bis Jun 2024