Methanex sells 10 pc stake in Egyptian methanol business

VANCOUVER, CANADA: Methanex Corporation has completed its sale of an approximate 10 per cent equity share in Egyptian Methanex Methanol Company SAE (EMethanex) to Arab Petroleum Investments Corporation (APICORP) for $110 million. This increases APICORP’s ownership in the joint venture to approximately 17 per cent. Methanex will remain the operator and majority shareholder of EMethanex with just over 50 per cent ownership. The remaining interest is held by Egyptian Petrochemical Holding Company (12 per cent); Egyptian Natural Gas Holding Company (12 per cent); and Egyptian National Gas Company (9 per cent).

Methanex remains the majority shareholder of EMethanex and there is no change in governance or impact on its operations. EMethanex will continue to be integrated into Methanex’s organization. The plant started commercial operations in 2011 and is located in Damietta, Egypt on the Mediterranean Sea. It is among the most energy efficient methanol plants in the world. The plant, which can produce 1.3 million tonne of methanol per year, supplies both the local and global methanol markets and integrates seamlessly into Methanex’s global methanol supply chain.

“Egypt is a key focus in our current investment diversification programme, one of whose many aims is to support the development of the region’s capabilities to manufacture hydrocarbon derivatives. Furthermore, as part of our mandate to support Arab energy industry development, we seek to support projects like EMethanex that can deliver tangible economic value and growth. This investment is a good fit for our strategy of deepening support for midstream and downstream sectors,” said Ahmad Bin Hamad Al Nuaimi, CEO and General Manager, APICORP.

© Worldofchemicals News