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Methanex Announces U.S. Debt Issue

May 31, 2002

VANCOUVER, BRITISH COLUMBIA--Methanex announced today that it has filed with the British Columbia Securities Commission a preliminary short form prospectus providing for the issuance of senior notes due 2012 in an aggregate principal amount of US$200,000,000. The prospectus is also being filed with the U.S. Securities and Exchange Commission in accordance with the Multijurisdictional Disclosure System established between Canada and the United States.

Net proceeds will be used to repay in full the Company's 7.40% notes due August 15, 2002 upon their maturity and for general corporate purposes.

The proposed underwriting group in respect of the sale of the notes comprises Goldman, Sachs & Co., CIBC World Markets and RBC Capital Markets. When available, a copy of the preliminary prospectus may be obtained from Goldman, Sachs & Co., 85 Broad Street, New York, NY 10004, U.S.A. Attention: Prospectus Department.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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."



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