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Methanex Maintains Financial Strength and Flexibility with New Banking Facility

December 09, 2003

VANCOUVER, BRITISH COLUMBIA--Methanex Corporation has finalized a US$250 million three-year revolving credit facility with a syndicate of banks. The new facility replaces the expiring US$291 million revolver and allows the Company to maintain its strong and flexible financial position. RBC Capital Markets Inc. was the Lead Arranger for the facility.

Bruce Aitken, President and COO of Methanex commented, "With US$309 million of cash on hand at the end of the third quarter 2003 and this new US$250 million credit facility, we have the financial capacity to complete our capital spending programs, pursue new opportunities to enhance our strategic position in methanol and continue to deliver on our commitment 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 world-wide economic conditions, the ability to implement business strategies and pursue business opportunities, conditions in the methanol and other industries, and carrying out major capital expenditure projects. Please also refer to page 40 in our 2002 Annual Report for more information on forward-looking statements.



FOR FURTHER INFORMATION PLEASE CONTACT:

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