Methanex starts up production in Egypt, Canada
Global methanol producer Methanex said on Thursday that it had started production at its facility in Egypt as well as its Medicine Hat plant in Alberta, Canada, citing strong demand for the chemical.
The company said it started up its 1.3m metric ton/year plant in Damietta, Egypt, in late March, and began issuing shipments in early April.
Meanwhile, Methanex’s 470,000 metric ton/year Medicine Hat plant produced its first methanol last week, company officials said.
That plant had been mothballed since 2001 due to unfavorable natural gas feedstock prices.
The increased production would be needed, the company explained, as three of its plants in Chile have been idled because of natural gas cutbacks in Argentina.
Overall, Methanex CEO Bruce Aitken reported a positive outlook for methanol amid strong demand and “balanced industry conditions”.
Aitken commented during the company’s release of first-quarter earnings.
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