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Methanex Repays Project Debt

March 31, 2004

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Mar 31, 2004) - Methanex Corporation has repaid US$182 million representing settlement of all of the debt related to its 850,000 tonne per year Titan methanol facility in Trinidad.

Bruce Aitken, President and COO of Methanex commented, "Reducing our debt levels in the current strong methanol price environment is consistent with our track record for financial prudence and our balanced approach in using excess cash. This transaction lowers our interest expense and provides us with additional operating flexibility as we further integrate this low cost production facility into our global supply chain."

Mr. Aitken concluded, "We continue to enjoy excellent financial strength and flexibility. After repayment of the Titan project debt, our cash balances are in excess of US$100 million and we have an undrawn US$250 million revolving credit facility."

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.



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