Canada’s Methanex to sell 10% of Egypt JV to Arab development bank

22 October 2013 13:42  [Source: ICIS news]

TORONTO (ICIS)--Methanex has agreed to sell an approximate 10% equity share in its Egyptian methanol joint venture to inter-Arab development bank APICORP for $110m (€80m), the Canada-based international methanol major said on Tuesday.

The deal will increase APICORP's ownership in Egyptian Methanex Methanol (EMethanex) to 17% when completed by the end of the year.

Methanex will remain the operator and majority shareholder of EMethanex with just over 50% ownership. There will be no governance changes or impact on EMethanex’s operations, which will continue to be integrated into Methanex's organisation, the company said. 

The remaining 33% interest in EMethanex is held by several Egyptian government shareholders.

Saudi Arabia-based APICORP is owned by the ten member states of the Organization of Arab Petroleum Exporting countries (OAPEC).

EMethanex started commercial operations at its 1.3m tonne/year methanol plant at Damietta in 2011.

($1 = €0.73)

By: Stefan Baumgarten
+1 713 525 2653

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