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Methanex Announces Corporate and Board Changes

September 05, 2003

VANCOUVER, BRITISH COLUMBIA--Methanex Corporation today announced that the Board of Directors has approved a number of changes to the Corporation and to the Board of Directors.

To support the continued growth and market leadership of Methanex, the world's largest producer and marketer of methanol, the company has created a new position of President and Chief Operating Officer. Effective immediately, Bruce Aitken, currently Methanex's Senior Vice President, Asia Pacific, will become President and Chief Operating Officer.

Pierre Choquette, currently interim Chairman of the Board of Directors, President and Chief Executive Officer becomes the permanent Chairman of the Board of Directors as well as continuing with his roles and responsibilities as CEO.

"These changes are very positive," says Choquette. "By realigning the executive duties and responsibilities we ensure that the company and in particular, our new plants in Trinidad, Chile and our proposed project in Australia, will benefit from the leadership, expertise and experience of two senior level executives."

Aitken, who is currently located in New Zealand, will relocate to Methanex's global headquarters in Vancouver. As President and COO, he will provide leadership and direction to members of the company's Executive Leadership Team. Aitken has been with Methanex for the past decade and has held a number of senior positions. In the early 90s, he was Vice President, Corporate Development and was located in Vancouver. Prior to joining Methanex, he was Executive Director of Cape Horn Methanol in Santiago, Chile (bought by Methanex in 1993). He also held a number of managerial positions with Fletcher Challenge Limited in New Zealand.

As Chairman of the Board of Directors and CEO, Choquette will continue to ensure the effective and efficient relationship between a number of key audiences - the Board of Directors, management, shareholders, and other key audiences - to realize maximum shareholder value. Choquette has served as President and CEO of Methanex since 1994. He became interim Chairman of the Board of Directors this past June following the resignation of Jeffrey Lipton, President and CEO, NOVA Chemicals.

In addition to the executive changes, Choquette emphasized how pleased he was with the selection of three new board members. The new board members are replacing the three directors (who were NOVA executives) who resigned after NOVA sold its interest in Methanex this past June.

The new directors are: John Reid, President and CEO of Terasen Inc. (formerly BC Gas Inc.); Monica Sloan, Managing Partner, MES Associates, a Calgary-based consultant specializing in the energy sector; and A. Terence Poole, Executive Vice President, Corporate Strategy and Development, NOVA Chemicals Corporation. In addition to these appointments, David Morton, who has been a director since 1995, has been appointed to the position of Lead Independent Director. Morton is also the Chair of the Corporate Governance Committee of the Board of Directors.

"Our new directors are highly respected individuals who bring a wealth of added expertise to the table," says Choquette. "Their experience in global commodity businesses as well as the energy industry will be extremely valuable for Methanex."

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 Corporation
Chris Cook
Director, Investor Relations
(604) 661-2600


Methanex Corporation
Diana Barkley
Director, Public Affairs
(604) 661-2690