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Methanex Secures Additional Access to Maui Gas Reserves

June 01, 2004

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jun 1, 2004) - Methanex has reached agreement with all of the parties to the Maui gas contracts which provides the Company rights for up to 40 petajoules of natural gas from the Maui field offshore New Zealand. This gas, together with entitlements from other fields, will allow Methanex to produce approximately one million tonnes of methanol at its New Zealand facilities in 2004. In addition, the Company now has the flexibility to produce up to 500,000 tonnes of methanol in 2005 if economic conditions warrant.

Bruce Aitken, President and CEO of Methanex commented, "We are delighted to be able to maintain a level of production at our New Zealand plants in 2004 that will be very helpful in supplying our customers in the Asia Pacific region and we have gained valuable flexibility to operate our plants in 2005 if the current strong methanol market conditions continue."

Mr. Aitken added, "We are continuing to pursue opportunities to acquire additional gas to supply our New Zealand facilities on commercially acceptable terms."

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 risks attendant with methanol production and marketing, including disruptions in plant operation. Please also refer to page 43 in our 2003 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