Methanex says to shut down Egypt plant

Canada’s Methanex Corp, the world’s largest methanol supplier, said it will shut down its plant in Egypt due to political unrest in the country, sending its shares down 2 percent.

Political groups in Egypt have warned of an anti-military protest, if the ruling generals did not withdraw a constitutional proposal that shields the army from oversight in parliament by Wednesday. The ruling military council took power after Mubarak was toppled in a popular uprising on Feb. 11.

Vancouver-based Methanex, which supplies methanol to markets in the Americas, Asia-Pacific and Europe, said it will restart the plant in a timely manner once order has been restored in the area.

The Egyptian facility started commercial operations in March.

Methanol, a liquid petrochemical produced mainly from natural gas and coal, is found in windscreen washer fluid, recyclable plastic bottles, plywood floors and synthetic fibres.

Shares of the company were trading down 50 Canadian cents at C$23.93 on Monday on the Toronto Stock Exchange.

Source: Reuters


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