Methanex Granted Air Permits for Louisiana Project
November 13 2012 - 5:00PM
Marketwired
Methanex Corporation (TSX:MX)(NASDAQ:MEOH)(SANTIAGO:Methanex)
announced today that it has been granted the required air permits
by the State of Louisiana and the EPA to construct and operate its
one million tonne methanol project in Geismar, Louisiana.
Bruce Aitken, President and CEO of Methanex commented, "This
represents a key milestone for the project. With the air permits
now in place, construction on the Geismar site can commence.
Dismantling activities in Chile have been progressing well and the
project remains on track to be producing methanol by the end of
2014. We believe this project will create significant value for
shareholders, as it can be executed in significantly less time and
with substantially less capital than a similar greenfield methanol
plant."
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"; 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". 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 words
"on track", "believes" 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 following are forward-looking statements:
-- expected date of first production,
-- ability to obtain natural gas on commercially acceptable terms,
-- expected capital cost,
-- anticipated production rates,
-- ability to successfully execute the project according to plan,
-- expected cash flows, earnings capability and share price.
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:
-- our ability to procure economically priced natural gas in the United
States,
-- production rates of our relocated methanol plant,
-- global and regional economic activity (including industrial production
levels),
-- timing of completion and cost of execution of the project.
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:
-- conditions in the methanol and other industries, including fluctuations
in supply, demand and price for methanol and its derivatives, including
demand for methanol for energy uses,
-- the price of natural gas, oil and oil derivatives,
-- our ability to enter into gas purchase arrangements on commercially
acceptable terms,
-- the ability to successfully carry out corporate initiatives and
strategies, and
-- other risks described in our 2011 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.
Contacts: Jason Chesko Director, Investor Relations Methanex
Corporation 604 661 2600 or Toll Free: 1 800 661 8851
www.methanex.com
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