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Methanex Temporarily Idles Its Manufacturing Operations In New Zealand Until The End Of October 2024
Methanex Corporation MEOH | 0.00 |
The company has entered into short-term commercial arrangements to provide its contracted natural gas into the New Zealand electricity market.
These commercial arrangements are expected to positively impact Methanex's Q3 and Q4 2024 earnings with after-tax proceeds expected to meaningfully exceed the margin lost on New Zealand methanol production delivered to customers.
Rich Sumner, President and CEO, commented, "New Zealand's energy balances are currently very strained due to seasonally high demand combined with low hydro levels and relatively lower gas supply in 2024 compared with previous years. We have been working closely with energy providers, other gas users and the government of New Zealand on how we can be part of the solution.