Methanex to Sell NZ Gas Entitlements, Idle Production Facilities

Methanex Corporation has announced that it will be selling substantially all of its New Zealand natural gas contractual entitlements, effective from the first quarter of 2027. The company cited the continued decline in domestic natural gas availability and lack of a clear pathway to meaningful new supply as the reasons for this decision.

Rich Sumner, President and CEO of Methanex Corporation, stated that the company's New Zealand production facilities have operated for over four decades, but it has been preparing for this eventuality. The company expects to indefinitely idle its New Zealand production facilities during the first quarter of 2027 and will work closely with employees, contractors, suppliers, customers, and government stakeholders during the transition period.

Methanex does not expect to incur material cash costs as a result of this decision and any required updates to production or financial guidance will be released with Methanex's ongoing quarterly financial communications.