Methanex (MEOH) Provides Update on Egypt Methanol Operations

Methanex Corporation MEOH said that an unplanned outage in mid-October caused by a mechanical breakdown in the synthesis gas compressor disrupted its 1.26-million-ton Egypt methanol production facility (Methanex 50% equity interest of 0.63 million tons per annum).

The facility has since been taken from operation and is being repaired on an accelerated basis at the manufacturer overseas. The company now expects production to restart toward the end of the first quarter of 2024.

Egypt produced 320,000 tons in the third quarter of 2023 (MEOH interest - 160,000 tons), compared with 326,000 tons (Methanex interest - 163,000 tons) in the previous quarter.

Shares of Methanex have gained 9% over the past year against a 14.7% decline of its industry.