Methanex Enters Into A Settlement Agreement With Argentina Gas Supplier
02 Mai 2014 - 11:00PM
Marketwired
Methanex Enters Into A Settlement Agreement With Argentina Gas
Supplier
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 2, 2014) -
Methanex Corporation (TSX:MX)(NASDAQ:MEOH), via its wholly owned
subsidiary Methanex Chile S.A., has reached an agreement with Total
Austral S.A. of Argentina in relation to Total's natural gas
delivery obligations pursuant to a long-term natural gas supply
agreement between the two companies. Total will make a lump sum
payment of US$42 million to Methanex in order to terminate the
agreement and settle all potential legal disputes thereunder.
John Floren,
President and CEO of Methanex, said, "We are pleased to have
reached an agreement with Total, and we believe that the settlement
represents fair value for Methanex shareholders. We will continue
to focus our efforts in Chile on realizing full value from our
remaining assets including non-performing natural gas contracts.
Mr. Floren continued, "We have a first class operation in Chile and
remain optimistic that we can continue to operate in the region,
supported by gas supplies from both Chile and Argentina."
Methanex is a
Vancouver-based, publicly traded company and is the world's largest
producer and supplier of methanol to major international markets.
Methanex shares are listed for trading on the Toronto Stock
Exchange in Canada under the trading symbol "MX" and on the NASDAQ
Global Market in the United States under the trading symbol "MEOH".
Methanex can be visited online at www.methanex.com.
FORWARD-LOOKING
INFORMATION WARNING
This press release
contains forward-looking statements with respect to us and our
industry. Statements that include the words "will", "can", or other
comparable terminology and similar statements of a future or
forward-looking nature identify forward-looking statements.
More particularly
and without limitation, any statements regarding the following are
forward-looking statements:
- Methanex's ability to continue to operate its remaining Chile
plants in the foreseeable future
- Methanex's ability to secure gas to support its operations in
Chile
- Methanex's ability to realize future value from its existing
Chilean assets.
We believe that we
have a reasonable basis for making such forward-looking statements.
The forward-looking statements in this document are based on our
experience, our perception of trends, current conditions and
expected future developments as well as other factors. Certain
material factors or assumptions were applied in drawing the
conclusions or making the forecasts or projections that are
included in these forward-looking statements, including, without
limitation, future expectations and assumptions concerning the
following:
- Availability in the future of gas supply in southern Chile and
Argentina on commercially acceptable terms
However, forward-looking statements, by their nature, involve
risks and uncertainties that could cause actual results to differ
materially from those contemplated by the forward-looking
statements. The risks and uncertainties primarily include those
attendant with producing and marketing methanol and successfully
carrying out major capital expenditure projects in various
jurisdictions, including without limitation those risks described
in our 2013 Management's Discussion and Analysis and our First
Quarter 2014 Management's Discussion and Analysis.
Having in mind these
and other factors, investors and other readers are cautioned not to
place undue reliance on forward-looking statements. They are not a
substitute for the exercise of one's own due diligence and
judgment. The outcomes anticipated in forward- looking statements
may not occur and we do not undertake to update forward-looking
statements except as required by applicable securities laws.
Investor Inquiries:Sandra DaycockDirector, Investor
RelationsMethanex Corporation604-661-2600 or Toll Free: 1 800 661
8851Media Inquiries:Baljit LalliManager, CommunicationsMethanex
Corporation604-661-2600 or Toll Free: 1 800 661 8851
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