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Methanex Announces US$150 Million Debt Issue

July 21, 2005

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 21, 2005) - Methanex Corporation (TSX:MX)(NASDAQ:MEOH) has filed with the British Columbia Securities Commission a preliminary short form prospectus providing for the issuance of senior notes due 2015 in an aggregate principal amount of US$150 million. The prospectus was also filed with the U.S. Securities and Exchange Commission in accordance with the Multijurisdictional Disclosure System established between Canada and the United States.

The Company has US$250 million of 7.75% senior notes that are due on August 15, 2005. The net proceeds from the sale of US$150 million of new notes, together with cash on hand, will be used to repay in full the Company's existing US$250 million 7.75% notes.

The proposed underwriting group in respect of the sale of the notes comprises ABN AMRO and BNP Paribas acting as joint book-running managers, as well as CIBC World Markets and RBC Capital Markets, acting as co-managers. A copy of the preliminary prospectus can be obtained on www.sedar.com or www.sec.gov or from ABN AMRO at 55 E. 52nd Street, 6th Floor, New York, NY, 10055, Attention: Syndicate Desk or BNP Paribas, 787 Seventh Avenue, 8th Floor, New York, NY, 10019, Attention: Debt Syndicate.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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
Wendy Bach
Director, Investor Relations
(604) 661-2600 or Toll Free: 1-800-661-8851
www.methanex.com