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Methanex enters settlement

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Hydrocarbon Engineering,

Methanex Corporation (the company), via its wholly owned subsidiary Methanex Chile S.A., has reached an agreement with Petrobras Argentina S.A. to settle a legal dispute in relation to Petrobras's natural gas delivery obligations pursuant to a long term natural gas supply agreement between the two companies.

Petrobras will make a lump sum payment of US$32.5 million to Methanex in order to terminate both the natural gas supply agreement and any and all claims in relation to such agreement.

John Floren, President and CEO of Methanex, said, "We are pleased to have reached an agreement with Petrobras, and we believe that the settlement represents fair value for Methanex shareholders."

Adapted from press release by Francesca Brindle

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