Methanex increase capacity at New Zealand site

Methanex to increase capacity at New Zealand site

7:47 AM, 6th March 2013
Methanex to increase capacity at New Zealand site

VANCOUVER, CANADA: Methanex Corporation plans to increase operating capacity at its New Zealand operations by 700,000 tonne to 2.2 million tonne by the end of 2013. Methanex has secured a new natural gas supply agreement, which will enable the restart of the methanol plant at its Waitara Valley site by late in the third quarter, adding 500,000 tonne of production per year. In addition, Methanex will add capacity at the Motunui site by increasing distillation to add another 200,000 tonne annually. The current estimated capital cost of these two projects is approximately $65 million.

“We are excited to announce another increase to our production in New Zealand, as a result of the improved natural gas supply position that continues to develop in the country. With a modest capital expenditure we are adding 700,000 tonne of additional production, which is expected to create significant value for shareholders. This added production also enhances our reliable and quality supply capability to our customers in the fast-growing Asian markets,” said John Floren, President and CEO, Methanex.

“With the new natural gas supply agreement, combined with the other secured natural gas supply agreements, we now have arrangements in place to underpin production at our three-plant operation in New Zealand for years to come,” added Floren.

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