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Methanex Signs Agreement for Chile Operations

Source: 5/5/2008, Location: South America

Methanex Corporation announced that it has signed an agreement with ENAP (the Chilean state-owned oil and gas company) to accelerate gas exploration and development in the Dorado Riquelme exploration block and supply new Chilean-sourced natural gas to Methanex's production facilities in Chile. Under the arrangement, Methanex expects to contribute approximately $100 million in capital over the next three years and will have a 50 percent participation in the block. It is expected that deliveries of gas from the block will commence later this year and that the block has the potential to become a significant new supply source for Methanex's facilities in Chile. The arrangement is subject to approval by the Government of Chile.

Bruce Aitken, President & CEO of Methanex commented, "I am very pleased to announce this agreement with ENAP, which represents an important step in returning our assets in Chile back to full operating rates. With this arrangement, our recently announced agreement with GeoPark, and the new oil and gas activity associated with the bidding round recently conducted by the Government of Chile, we expect to receive increasing quantities of Chilean gas in the next few years."

Methanex's Latin America Senior Vice President, Paul Schiodtz, added, "We are very pleased to have reached this agreement with ENAP, which we have enjoyed a strong relationship with as our primary gas supplier in southern Chile over the last 20 years. The Dorado Riquelme block represents an excellent opportunity. Our involvement will add additional capital and personnel dedicated to accelerate development activity of the block. In addition, the area has existing pipeline and other infrastructure in place to make it possible for gas to be flowing to our plants later this year."

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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