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 ?xml:namespace>
($1 = €0.73)
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|
Asian Chemical Connections