Methanex Expansion Still Under Consideration
largest methanol producer, reported record sales volumes for the third consecutive quarter. The company’s annual sales were up 12 per cent over the previous year and production was up 35 per cent, though
T TONYA LAMBERT
he global demand for methanol is strong and there is every indication it will remain so into the near future. Vancouver-based Methanex Corp., the world’s
the Medicine Hat plant itself did see a fall in production due to mechanical issues in the fourth quarter of 2016. And, while the company did report a net loss of $13 million for the year, it also reported a net income of $24-million in the fourth quarter over an $11-million net loss in the third. This was largely due to a higher average realized price of $278 per tonne over $236 in the third quarter.
Overall, things look good for Methanex with CEO John Floren saying the company
is in a strong financial position with robust future cash generation capability. However, the company has made no statements in regards to the possible expansion of the plant in Medicine Hat, for which it received environmental approval in 2013. Methanex had applied for but did not receive the province’s petrochemical diversification grant program, the royalty credits from which would have helped to offset the costs.
“We were hoping for the petrochemical diversification program,” says Mayor Ted
Clugston, “but we lost out on that from the province. However, Methanex has been quite clear that they didn’t need that. It would have been nice to have but it didn’t stop the project.”
Kevin Henderson, senior vice-president of manufacturing, has indicated that several factors will affect if and when the company expands the Medicine Hat facility. These include the need for significantly higher prices to meet return targets, world demand, construction costs,
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