Methanex to restart Alberta methanol plant after 10 years

Source: Methanex Corporation

Methanex Corporation (TSX:MX)(NASDAQ:MEOH) plans to restart its 470,000 tonne per year methanol plant in Medicine Hat, Alberta, Canada in April 2011.

In support of the restart, Methanex has commenced a program to purchase natural gas on the Alberta gas market. The plant consumes approximately 50,000 mmbtu of natural gas per day operating at capacity. 

The plant has been idle since 2001 and the estimated capital cost to restart the plant is approximately US$40 million.

"We are delighted to be working on the restart of our plant in Medicine Hat, which offers a unique opportunity to capitalize on the attractive pricing dynamic between methanol and natural gas in that region,” Bruce Aitken, President and CEO of Methanex commented. “We believe that the current lower natural gas price environment in North America has made this plant a competitive new supply source for our customers. The project will add high-quality jobs to the region and is expected to be a very good investment for our shareholders."

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