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Methanex and Lyondell Reach Agreement on Long-Term Methanol Supply

December 16, 2002

VANCOUVER, BRITISH COLUMBIA--Methanex Corporation has entered into an exclusive agreement with Lyondell Chemical Company to supply Lyondell's methanol feedstock requirements in North America and Europe. The agreement will commence in January 2003, and will be phased in over time. In addition, Methanex will acquire, for US$10 million, Lyondell's methanol customer contracts in North America effective January 1, 2004. Methanex will also have certain production rights to Lyondell's 750,000 tonne per year methanol facility in Channelview, Texas.

Pierre Choquette, President and CEO of Methanex commented, "These agreements confirm the confidence that global chemical companies, such as Lyondell, have in Methanex to be their preferred strategic supplier of methanol."

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 ability to complete the agreement to acquire the methanol customer contracts in North America and certain production rights from Lyondell. 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 Toll Free: 1-800-661-8851
Website: www.methanex.com

or

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