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Methanex Announces New Dividend

July 19, 2002

VANCOUVER, BRITISH COLUMBIA--Methanex Corporation announced today that its Board of Directors has approved the commencement of a quarterly dividend to shareholders. The first quarterly dividend of US$0.05 per share will be payable on September 30, 2002 to holders of common shares of record on September 16, 2002.

Pierre Choquette, President and CEO of Methanex, commented, "We are very pleased to begin payment of a dividend to our shareholders at a level that we believe can be sustained and built upon over time." Mr. Choquette added that, "In addition to the quarterly dividend, the Board will periodically consider other forms of distribution whenever general business conditions, financial results, capital requirements and other relevant factors warrant."

A conference call is scheduled for Monday, July 22 at 1:00 pm EDT (10:00 am PDT) to elaborate on our payment of dividends and to answer any questions. To access the call, dial the Telus Conferencing operator ten minutes prior to the start of the call at (416) 883-0139, or toll free at (888) 458-1598. The security code for the call is 75577. A playback version of the conference call will be available until July 29th at (877) 653-0545. The reservation number for the playback version is 157791.

Methanex is the world's largest producer and marketer of methanol. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol "MX" and on the Nasdaq National Market in the United States under the trading symbol "MEOH." Methanex can be visited online at www.methanex.com.

Information in this news release may contain forward-looking statements. By their nature, such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. They include the payment of dividends in the future, which will be at the discretion of our Board of Directors having regard to our earnings, operating and financial condition, capital requirements, other distribution alternatives and such other factors as are deemed relevant by the Board. Please also refer to page 28 in our 2001 Annual Report for more information on forward-looking statements.



FOR FURTHER INFORMATION PLEASE CONTACT:

Methanex Corporation
Chris Cook
Manager, Investor Relations
(604) 661-2600

or

Methanex Corporation
Brad Boyd
Corporate Controller and Director, Investor Relations
(604) 661-2600