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Montevideo, July 24th 2024 - 06:48 UTC



Methanex joins gas exploration in Magallanes

Friday, July 8th 2005 - 21:00 UTC
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Methanex the world's leading methanol company with a huge plant in Punta Arenas has offered ENAP, Chile's oil company aid in exploring for natural gas in Magallanes Region.

The Canadian company's CEO Brian Aitken currently in Chile, travelled to Punta Arenas to meet with regional authorities in an effort to address the erratic and reduced provision of Argentine natural gas which is seriously hampering the plant's potential, profits and huge investment.

Methanex in the late nineties opened next to Punta Arenas one of the world's main methanol plants which supposedly had an assured supply of Argentine natural gas.

However following the default and collapse of the Argentine economy, under President Nestro Kirchner Argentina, in spite of contracts, has privileged domestic demand over exports seriously limiting the supply to the plant which given the initial success was expanded and now has four full segments.

ENAP's Regional Exploration and Production manager Danilo Martic said that any private effort and contribution was most welcome since this could "help accelerate the company's current exploration plans in search of new natural gas deposits".

In the last two weeks only, Methanex has been unable to fulfil export contracts valued in 15 million US dollars because of the limited supply of Argentine natural gas, revealed company sources to Punta Arenas press

Categories: Mercosur.

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