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Methanex Completes Buyback of 9.0 Million Shares from Nova Chemicals

June 30, 2003

VANCOUVER, BRITISH COLUMBIA--Methanex Corporation announced today that, after receiving the approval of its shareholders (other than NOVA Chemicals Corporation (NOVA) and its affiliates) at a special meeting held today, the Company has completed its indirect repurchase of 9.0 million of its common shares from NOVA, leaving NOVA with no remaining equity interest in Methanex.

The purchase price for the shares was US$9.85 per share, which was the same price NOVA received from the underwriters of a secondary offering of 37,946,876 Methanex shares completed June 5, 2003. The shares acquired on the repurchase have been cancelled. The repurchase was financed with cash on hand.

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."



FOR FURTHER INFORMATION PLEASE CONTACT:

Methanex Corporation
Chris Cook
Director, Investor Relations
(604) 661-2600
Website: www.methanex.com