Methanex corporation to temporarily idle new zealand operations to assist in improving energy balances

Vancouver, british columbia, aug. 12, 2024 (globe newswire) -- methanex corporation (tsx:mx) (nasdaq:meoh) announced today that it has entered into short-term commercial arrangements to provide its contracted natural gas into the new zealand electricity market. as a result, it is temporarily idling its manufacturing operations in new zealand until the end of october 2024. these commercial arrangements are expected to positively impact methanex's q3 and q4 2024 earnings with after-tax proceeds expected to meaningfully exceed the margin lost on new zealand methanol production delivered to customers. the commercial arrangements are structured to provide methanex with a base price for each unit of gas delivered with further incremental value shared between the parties depending on electricity pricing over the period.
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