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Methanex Announces Special Dividend

January 27, 2003

VANCOUVER, BRITISH COLUMBIA--Methanex Corporation announced today that its Board of Directors has approved the distribution of a special dividend to shareholders of US$0.25 per share. The dividend will be payable on February 14, 2003 to holders of common shares of record on February 6, 2003.

Pierre Choquette, President and CEO of Methanex, commented, "We are very pleased to have the opportunity to use this special dividend as a means of sharing our strong financial performance with our shareholders." Mr. Choquette added, "I stated last September after announcing the commencement of our regular quarterly dividend, that in addition to the quarterly dividend, the Board will periodically consider other forms of distributions when general business conditions, financial results, capital requirements and other relevant factors warrant. We are currently enjoying a period of excellent financial strength and flexibility, and we are optimistic that the very favorable methanol supply/demand fundamentals will continue. We remain committed to returning excess cash to shareholders."

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 payment of dividends in the future, which will be at the discretion of our Board of Directors having regard to our earnings, operating and financial condition, capital requirements, other distribution alternatives and such other factors as are deemed relevant by the Board. 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