Methanex Temporarily Idles Its Manufacturing Operations In New Zealand Until The End Of October 2024
Portfolio Pulse from Benzinga Newsdesk
Methanex has temporarily idled its manufacturing operations in New Zealand until the end of October 2024. The company has entered into short-term commercial arrangements to supply its contracted natural gas to the New Zealand electricity market, which is expected to positively impact its Q3 and Q4 2024 earnings.
August 12, 2024 | 9:37 pm
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Methanex has temporarily idled its manufacturing operations in New Zealand until the end of October 2024. The company has entered into short-term commercial arrangements to supply its contracted natural gas to the New Zealand electricity market, which is expected to positively impact its Q3 and Q4 2024 earnings.
Methanex's decision to idle its New Zealand operations and redirect natural gas to the electricity market is expected to positively impact its earnings for Q3 and Q4 2024. This strategic move addresses the strained energy balances in New Zealand and is likely to result in after-tax proceeds that exceed the margin lost on methanol production.
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