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Methanex Chief Financial Officer to Retire; Replacement Appointed

November 12, 2002

VANCOUVER, BRITISH COLUMBIA--Pierre Choquette, President and Chief Executive Officer of Methanex Corporation announced today that Allan S. Cole, Senior Vice President, Finance and Chief Financial Officer has decided to retire effective March 31, 2003.

In conjunction with Mr. Cole's pending retirement, Ian Cameron is appointed to the position of Senior Vice President, Finance and Chief Financial Officer effective January 1, 2003. Ian joined Methanex in 1993 and was appointed Vice President, Finance in 1999. He holds a Bachelor of Commerce Degree from the University of British Columbia and is a Chartered Accountant.

Mr. Choquette commented, "The three month overlap between Ian's appointment and Allan's retirement will provide ample time to ensure an orderly transition in the leadership of our financial team."

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.



FOR FURTHER INFORMATION PLEASE CONTACT:

Methanex Corporation
Chris Cook
Manager, Investor Relations
(604) 661-2600 or Toll-Free: 1-800-661-8851

or

Methanex Corporation
Brad Boyd
Corporate Controller and Director, Investor Relations
(604) 661-2600 or Toll-Free: 1-800-661-8851
Website: www.methanex.com