Methanex Corporation - News Release
Methanex purchases additional Maui natural gas
Methanex Corporation MX
Shares issued 173,136,748 Sep 10 close $4.48
Mon 13 Sept 99 News Release
Mr. Bruce Aitken reports
Methanex New Zealand has secured an additional 130 petajoules of Maui
natural gas by signing a purchase agreement with Contact Energy.
This is good news for the major methanol manufacturer and good news for
Taranaki.
Managing director, Bruce Aitken, says: "It's pleasing to see that Methanex
has a role working with the domestic natural gas market, as well as
encouraging and supporting exploration in New Zealand. Buying parcels of
natural gas such as this forms part of Methanex's natural gas acquisition
strategy for New Zealand."
Mr. Aitken says: "The Taranaki facility is one of the world's largest
methanol production sites and it underpins Methanex's leading market
position in Asia. Indeed, we export over two million tonnes of methanol per
year into the Asia Pacific market and we are committed to servicing those
customers in the long term. We are one of New Zealand's leading exporters
as well as being a key part of the Taranaki community. We will continue to
explore every avenue to obtain more long-term natural gas for our plants."
Mr. Aitken says he is optimistic that future supplies will be forthcoming
and is encouraged by the level of planned exploration in New Zealand in the
near term. Methanex's existing contract for Maui gas expires in the next
decade and the company has been encouraging explorers to drill in New
Zealand in order to provide a long-term, alternative supply of gas.
Methanex New Zealand is a wholly owned subsidiary of the world's largest
methanol producer, Methanex Corporation, which is a Vancouver-based,
publicly-traded company engaged in the worldwide production and marketing
of methanol. Methanex shares are listed for trading on the Toronto and
Montreal stock exchanges in Canada under the trading symbol MX and on the
Nasdaq Stock Market in the United States under the trading symbol MEOH.
Contact Energy is a New Zealand publicly-listed company with a major
position in New Zealand's electricity and natural gas markets.
The Maui natural gas field is off the coast of Taranaki, which is a region
on the west coast of the North Island of New Zealand. This field supplies
the bulk of New Zealand's natural gas requirements including most of
Methanex New Zealand's already contracted volumes. A petajoule is
approximately one billion cubic feet of natural gas, and 130 petajoules is
equivalent to the amount of natural gas needed to operate the New Zealand
plants at full capacity for approximately 18 months.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
