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Methanex and BP Complete Atlas Financing

December 19, 2002

VANCOUVER, BRITISH COLUMBIA--Methanex Corporation announced today that non-recourse project financing has been completed for the Atlas methanol project in Trinidad, a joint venture with BP in which Methanex has a 63.1% interest. The project financing will total US$237 million representing approximately 60% leverage for the project. At November 30, 2002, Methanex's total cash contribution to the project was approximately US$150 million. The Company has received approximately US$90 million, representing contributions made in excess of the pro-rata funding requirements of the project to November 30, 2002. Methanex's total equity contribution on completion of the project is expected to be approximately US$100 million.

Pierre Choquette, President and CEO of Methanex commented, "Completing the project financing for Atlas further strengthens our financial capacity and flexibility." Mr. Choquette added, "Atlas, with its very low capital and operating costs, will provide us with another outstanding production hub. Atlas is an integral part our strategic supply plan with duty free access to major markets in the United States and Europe."

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

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 risks attendant with carrying out a major capital expansion project and producing and marketing methanol. Please also refer to page 28 in our 2001 Annual Report for more information on forward-looking statements.


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


Methanex Corporation
Brad Boyd
Corporate Controller and Director, Investor Relations
(604) 661-2600 or Toll Free 1-800-661-8851