Methanex sells 10% stake in Egypt methanol plant for $110m

19 December 2013 23:49  [Source: ICIS news]

HOUSTON (ICIS)--Methanex completed the sale of a 10% equity share in Egyptian Methanex Methanol (EMethanex) to Arab Petroleum Investments Corp (APICORP) for $110m (€80m), the Canada-based methanol producer said on Thursday.

Methanex will continue to be the operator and majority shareholder of EMethanex, with an ownership just over 50%, the company said. APICORP's stake will rise to 17%.

The remaining interest in EMethanex is held by Egyptian Petrochemical at 12%; Egyptian Natural Gas at 12%; and Egyptian National Gas at 9%.

The methanol plant started operations in 2011, and it is in Damietta, Egypt. It has a capacity of 1.3m tonnes/year.

EMethanex will continue to be integrated in Methanex's organisation, and there will be no change in the company's governance or operations, Methanex said.

($1= €0.73)

By: Al Greenwood
+1 713 525 2645

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