Canada’s Methanex seen pouring $1bn into Vietnam plant

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March 11, 2009

Canada’s Methanex seen pouring $1bn into Vietnam plant
Canada’s Methanex Corp, reacting to reports of its imminent investment in Vietnam, said the plan is still at an early stage.

Local reports earlier said the firm was ready to invest $1 billion in a methanol plant in southern Vietnam is premature while the state-run Vietnam Investment Review weekly quoted the Ministry of Planning and Investment on Monday as saying Methanex had chosen the site for the plant in the southern oil and gas hub province of Ba Ria Vung Tau.

The plant would have a capacity of up to 1.6 million tonnes of methanol a year, or about a quarter of Methanex's current total capacity, the report said.

But an official at Vancouver-based Methanex said the Vietnam project was only one of many options it was considered for future methanol production.

"We are just at the very early stages," said Jason Chesko, director of investor relations.

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