VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 9, 2006) - Methanex Corporation (TSX:MX)(NASDAQ:MEOH) has entered into an offtake agreement with Celanese Ltd., a subsidiary of Celanese Corporation, for the purchase of up to 2,350 metric tonnes per day of methanol from Celanese's production facility located near Edmonton, Alberta. The term of this agreement, which commences January 1, 2007, is three months and may be extended for an additional three month period at Methanex's option. Methanex's Senior Vice-President, Global Marketing and Logistics, John Floren, commented, "The global methanol market continues to experience a shortage and we believe that entering into this agreement will provide much needed supply to the market. Given its location, production from this plant will enhance our reliability and security of supply to our customers in Canada and the United States."
Methanex is a Vancouver based, publicly-traded company engaged in the worldwide production and marketing of methanol. 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".
This news 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 and 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, changes in laws or regulations in foreign jurisdictions, world-wide economic conditions and other risks described in our 2005 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Methanex Corporation - Investor Inquiries
Director, Investor Relations
Methanex Corporation - Media Inquiries
Director, Public Affairs