Methanex plans to restart Alberta methanol plant idle since 2001 in April

Methanex to restart Alberta methanol plant

NEW YORK — Canadian methanol producer Methanex Corp. on Wednesday said that it plans to restart an Alberta planted idled since 2001 in April.

The company said it has started to purchase natural gas on the Alberta gas market in anticipation of the restart. The plant, located in Medicine Hat, Alberta, uses about 50,000 million British thermal units of natural gas per day when it is operating at capacity.

The company, based in Vancouver, British Columbia, estimated it will cost $40 million to get the plant running.

President and CEO Bruce Aitken said current lower natural gas prices have made the plant “a competitive new supply source for our customers.”

In aftermarket electronic trading, Methanex shares gained 27 cents, to $22.96. The stock closed Wednesday’s regular session down 32 cents at $22.72.