Methanex Cabo Negro plant suffers gas restriction

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Friday, November 17, 2006

Canadian methanol producer Methanex's (Nasdaq: MEOH, TSX: MX) Cabo Negro plant in Chile's Region XII was receiving limited natural gas supplies at press time on Friday following supply cuts earlier in the week.

Chile's energy regulator CNE said in a statement Friday afternoon that Methanex was receiving 1.7Mm3/d gas from Argentina.

Methanex normally receives some 60% of its 10Mm3/d natural gas supply from Argentina, with 40% of its gas coming from Chilean suppliers, BNamericas previously reported.

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Methanex was forced to shut the plant in the middle of the week starting on November 13 due to Argentine gas export cuts, which resulted from labor conflicts in several production wells.

Residential energy supply in the region was not affected by the cuts, which ended soon after starting.

Methanex officials in Santiago were not immediately available for comment.