Methanex Starts Up 1 Million Tonne Methanol Plant in Geismar, Louisiana

Methanex Corporation, January 6, 2016

Construction of Geismar Plant. Construction of Geismar Plant.

Last week, Methanex Corporation, the world's largest producer and supplier of methanol to major international markets, reported the successful start up of its newly completed one million tonne methanol plant in Geismar, Louisiana. The plant was relocated from the Company's production site in Punta Arenas, Chile.

Methanex Facility in Chile.Methanex Facility in Chile.

John Floren, President and CEO of Methanex commented, "We are extremely pleased to announce that our Geismar 2 plant is producing methanol roughly three months ahead of our original schedule. We expect the plant to ramp up to full production rates over the coming weeks. With the start-up of Geismar 2, we have successfully grown our operating capacity by approximately three million tonnes over the last three years. The total combined cost for the completion of the two Geismar plants is approximately $1.4 billion. We believe this represents a substantial cost savings relative to a new-build plant, and we expect the Geismar 2 plant will create significant cash-flow and value for shareholders."

Mr. Floren added, "Our team has done an excellent job of managing the complex and multidimensional undertaking of relocating two plants from Chile to Louisiana. The project was completed ahead of schedule with excellent safety and environmental performance. A sincere thanks to all of the team members throughout the organization who have worked so hard to achieve this important milestone."


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