Methanex Corp falls on commercial production delay at Louisiana plant

Methanex

20/02/2024 13:56

** U.S.-listed shares of methanol producer and supplier
Methanex Corp  MEOH.O ,  MX.TO  fall 4.89% at $44.75 premarket
    ** Co says commercial production of its new 1.8
million-tonne methanol plant, Geismar 3, in Geismar, Louisiana
has been delayed
    ** Says the delay is due to complications that occurred in
the autothermal reformer during the late stages of the initial
start-up process
    ** Says that there is significant damage to a large number
of supporting refractory bricks in the vessel which will require
replacement
    ** Commercial production could be delayed up to the end of
the third quarter of 2024; total capital cost will not
significantly exceed upper end of capital cost guidance of $1.30
bln
    ** MEOH was up ~25% in 2023

 (Reporting by Roshia Sabu in Bengaluru)
 ((Roshia.Sabu@thomsonreuters.com))