29 April 2009 18:56 [Source: ICIS news]
TORONTO (ICIS news)--Methanol industry conditions have stabilised after worsening in the 2008 fourth quarter, with some signs of recovery going forward, the CEO of Methanex, the world’s largest methanol producer, said on Wednesday.
Bruce Aitken said demand in ?xml:namespace>
During the quarter, high-cost industry capacity had remained down or was running at low levels, helping to bring some stability to the market, he said.
Methanol prices remained “reasonably stable” since the beginning of the year, he said, adding Methanex’s average methanol price was $216/tonne during the quarter.
Among the challenges facing Methanex were its operations in
The company was currently operating only one of its four plants in
The plant was running on gas supplied exclusively from
Methanex expected to restart a second plant in
However, Methanex was encouraged by the potential for additional natural gas availability in southern
Meanwhile, Methanex’s new plant in
Aitken, responding to analysts' questions, ruled out that the Vancouver-based producer would raise its dividend in the near-term.
He cited the current tough financial market conditions and the company's need to fund investments and projects.
“It would be very difficult for us to raise a bond today, or to borrow from the banks,” he said.
Asked about reports of a possible project in
($1 = €0.76)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|