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Methanex Reviewing Options for Long-Term Methanol Supply in Asia Pacific

March 13, 2003

VANCOUVER, BRITISH COLUMBIA--Methanex announced today that its currently proposed two million tonne per year methanol project planned for the Burrup Peninsula of Western Australia has been put on hold as the Company studies alternatives for long-term methanol supply to its customers in Asia Pacific.

Bruce Aitken, Methanex's Senior Vice President for Asia Pacific, commented, "This proposed development has become increasingly difficult to progress in its originally intended form. For Methanex, the capital costs for a greenfield project of this size have become disproportionately high." Mr. Aitken continued, "Northwest Australia remains an attractive location to build a methanol plant and we are evaluating several alternatives including installing capacity in smaller increments that would be more manageable from a cost perspective. Our Asian customers are very important to us and we are committed to maintaining our position in Asia."

Pierre Choquette, President and CEO of Methanex, added, "Our commitment to the methanol industry is evident in our significant projects currently underway. The 1.7 million tonne per year Atlas methanol project, that we are constructing in Trinidad with our partner BP, is scheduled for completion early next year. In addition, work has commenced on the 840,000 tonne per year expansion at our low cost methanol production hub in Chile. We expect to complete the Chile expansion in early 2005. Methanex is focused on establishing a production hub in the Asia Pacific region and Australia is still the preferred location for a new supply source."

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, including the ability to successfully develop worldscale methanol projects. 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
Director, Investor Relations
(604) 661-2600 or Toll-Free: 1-800-661-8851
Website: www.methanex.com