METHANEX ACQUIRES FURTHER INTEREST IN TRINIDAD METHANOL PROJECT
09-Jul-2001
Methanex Corporation has entered into an agreement with The Beacon Group Energy Investment Fund,
LP to acquire Beacon’s right to participate by way of equity in the Atlas project, a 1.7 million tonne per year
Methanol facility proposed to be constructed in the Caribbean Republic of Trinidad and Tobago by
Methanex and BP plc. The agreement also grants Methanex an option, which expires on December 31,
2003, to acquire Beacon’s 75% interest in the 850,000 tonne per year Titan methanol plant located at
Point Lisas, Trinidad. Methanex already owns a 10% interest in the Titan facility. This transaction is
subject to receiving approval from Titan’s senior lenders. Upon completion, total consideration to be paid
to Beacon for the participation rights and the option amounts to US$ 17 million.
Pierre Choquette, Methanex President and CEO commented, “These transactions allow us to enhance
our position for future growth in Trinidad – a strategic location with abundant natural gas reserves, dutyfree
access to both the United States and Europe and an association with a world-class energy company
in BP.” Choquette added, “As we continue to take action to strengthen our leadership position in
methanol, Trinidad offers us the opportunity to develop new low-cost capacity underpinned by reliable,
attractively priced natural gas contracts.”
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