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Methanex Announces Write-Off of Fortier Methanol Facility

November 25, 2002

VANCOUVER, BRITISH COLUMBIA--Methanex Corporation announced today that it is taking a non-cash after-tax charge of US$86 million in the fourth quarter of 2002. The non-cash charge relates to a US$113 million write-off of Methanex's 570,000 tonne per year Fortier, Louisiana methanol facility partially offset by a US$27 million reduction in the accrual for site restoration and demolition costs for our New Zealand facilities.

The Fortier plant has been mothballed since March of 1999. The write-off of the Fortier facility reflects our low-cost strategy of reducing our reliance on North American production by expanding methanol production capacity in Trinidad and Chile.

The adjustment to the site restoration and demolition accrual for the New Zealand facilities was made after completing a comprehensive review and analysis to update the previous estimate.

Methanex is a Vancouver based, publicly-traded company engaged in the worldwide production and marketing of methanol. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol "MX" and on The NASDAQ Stock Market in the United States under the trading symbol "MEOH."

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 risks inherent in estimating future costs. 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