(Methanex, 7.Jan.2021) — Methanex Corporation announced today that it expects its Titan methanol facility in Trinidad (875,000 annual operating capacity) will remain idled indefinitely. As a result, the company has made the decision to restructure its Trinidad operations to support a one-plant operation and reduce its Trinidad workforce by approximately 60 positions filled by employees and long-term contractors.
To date, we have not been successful reaching an agreement for an economic longer-term natural gas agreement and given that the economic recovery path remains uncertain we believe it is prudent to reduce costs while continuing our efforts to secure longer-term gas supply. The Atlas methanol facility (Methanex interest 63.1%) is not affected by the change and continues to operate as it is underpinned by a separate natural gas supply agreement that expires in 2024.
John Floren, President and CEO, Methanex Corporation, commented, “We remain committed to doing business in Trinidad and Tobago and we believe that we will be able to secure an economic longer-term natural gas agreement for Titan in the coming years. Our operations in Trinidad are well located to supply global methanol markets and are an important component of our global production network. We are taking the necessary steps to maintain Titan to ensure a safe and efficient restart of the plant when a longer-term gas agreement is reached.”
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”.