UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
FOR THE MONTH OF NOVEMBER 2006
METHANEX CORPORATION
(Registrant’s name)
SUITE 1800, 200 BURRARD STREET, VANCOUVER, BC V6C 3M1 CANADA
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
| Form 20-F o | Form 40-F þ |
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
| Yes o | No þ |
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82 .
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on behalf by the undersigned, thereunto duly authorized.
| METHANEX CORPORATION |
||||
| Date: November 6, 2006 | By: | /s/ RANDY MILNER | ||
| Name: | Randy Milner | |||
| Title: | Senior Vice President, General Counsel & Corporate Secretary | |||
| NEWS RELEASE |  |
|
| Methanex Corporation 1800 – 200 Burrard St. Vancouver, BC Canada V6C 3M1 Investor Relations: (604) 661-2600 http://www.methanex.com |
For immediate release
METHANEX TO PARTICIPATE IN CHINA DME WITH XINAO GROUP
November 6, 2006
Methanex and China’s XinAo Group have entered into a long-term arrangement under which Methanex
will, beginning in late 2007, supply an initial quantity of approximately 300,000 tonnes per annum
of methanol to XinAo. This methanol is required for a new 200,000 tonne di-methyl ether (DME)
production facility that XinAo is developing near Shanghai. The price for methanol under this
supply arrangement will be linked to energy prices. Methanex also has an option to take an equity
stake of up to 20% in this DME facility.
DME, which is produced from methanol, can be blended up to 20% with liquified petroleum gas (LPG)
and used for household cooking and heating. DME can also be used as a clean burning substitute for
diesel in transportation and as a clean fuel for power generation.
Methanex’s President and CEO, Bruce Aitken, commented, “We are delighted to be entering into this
close relationship with XinAo, a first mover in the DME business and a leading energy company in
China. This agreement is evidence of the large potential demand for methanol use in producing clean
energy. We are encouraged by the prospect for significant growth of DME demand in China and the
potential growth for DME in other global markets”.
XinAo Group Chairman Wang Yusuo, commented “XinAo is developing DME as a clean energy source that
has been identified by the Chinese government as a strategically important alternative to fuels
such as coal or diesel. The outlook for DME demand in China’s fuel sector is promising and we are
very pleased to be supported by Methanex, the global leader in methanol, as we establish and grow
our DME business.”
XinAo Group is a private company which is focused on building a growing industrial portfolio
consisting of energy distribution, energy related equipment and alternative fuels. XinAo Group
International owns controlling interests in XinAo Gas and Enric, both publicly-traded companies on
the Hong Kong Stock Exchange.
Methanex is a Vancouver based, publicly-traded company engaged in the worldwide production and
marketing of methanol. Methanex shares are listed for trading on the Toronto Stock Exchange in
Canada under the trading symbol “MX” and on the Nasdaq Global Market in the United States under the
trading symbol “MEOH.”
This news release contains forward-looking statements. Certain material factors or assumptions
were applied in drawing the conclusions or making the forecasts or projections that are included in
these forward-looking statements and Methanex believes that it has a reasonable basis for making
such forward-looking statements. However, forward-looking statements, by their nature, involve
risks and uncertainties that could cause actual results to differ materially from those
contemplated by the forward-looking statements. The risks and uncertainties include those attendant
with producing and marketing methanol and successfully carrying out major capital expenditure
projects in various jurisdictions, the ability to successfully carry out corporate initiatives and
strategies, conditions in the methanol and other industries including the supply and demand balance
for methanol, actions of competitors and suppliers, changes in laws or regulations in
foreign jurisdictions, world-wide economic conditions and other risks described in our 2005
Management’s Discussion & Analysis. Undue reliance should not be placed on forward-looking
statements. They are not a substitute
for the exercise of one’s own due diligence and judgment. The outcomes anticipated in
forward-looking statements may not occur and we do not undertake to update forward-looking
statements.
-end-
Investor Inquiries:
|
Media Inquiries: | |
Jason Chesko
|
Diana Barkley | |
Director, Investor Relations
|
Director, Public Affairs | |
Methanex Corporation
|
Methanex Corporation | |
604-661-2600
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604-661-2600 |