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methanex the power of agility For immediate release July 16 , 2021 All currency amounts are stated in United States dollars ● ● NEWS RELEASE METHANEX RESTARTS CONSTRUCTION ON GEISMAR 3 PROJECT AND INCREASES DIVIDEND MAINTAINS FOCUS ON SHAREHOLDER VALUE AND INDUSTRY LEADERSHIP --- Conference call and webcast scheduled for Friday July 16 , 2021 at 10:00 am Eastern Time ( 7:00 am Pacific Time ) Presentation materials will be available at www.methanex.com/investor-relations today at approximately 8:00 am Eastern Time ( 5:00 am Pacific Time ) VANCOUVER , BRITISH COLUMBIA ( July 16 , 2021 ) - Methanex Corporation ( TSX : MX ) ( NASDAQ : MEOH ) announced today that its Board of Directors unanimously approved two key decisions aligned with its capital allocation priorities : A restart of construction on the Company's advantaged Geismar 3 project , and A reset of the quarterly dividend to $ 0.125 per share from $ 0.0375 per share These decisions complement a separate announcement yesterday on an agreement with Mitsui O.S.K. Lines , Ltd. ( MOL ) on key commercial terms for a strategic shipping partnership . The agreement is expected to realize strategic benefits for our Waterfront Shipping business and unlock $ 145 million in non - dilutive capital to further strengthen our financial position . John Floren , President & CEO of Methanex , commented , " We are very pleased to announce these important steps that we believe will deliver long - term value to our shareholders . The timing is right to restart construction on our Geismar 3 project as the methanol industry outlook is positive , we have a strong financial position to fund the project and the project has been significantly de - risked and is well positioned to be completed on - time and on budget . Geismar 3 will strengthen our asset portfolio as it will be one of our lowest cost plants , with access to abundant and low - cost natural gas and have one of the lowest CO2 emissions intensity profiles in the industry . " " We expect our future cash generation capability will be enhanced by Geismar 3 , a unique project with significant capital and operating cost advantages . Geismar 3 is our only major growth capital project expected over the next few years . We are pleased to announce an increase in our dividend , and we expect that Geismar 3 will support a substantial increase in our shareholder distribution potential in the years to come . " Geismar 3 will benefit from favourable methanol industry fundamentals Current methanol industry fundamentals are positive as growing methanol demand , low global inventory levels , ongoing industry supply challenges and a rising energy price environment have supported higher methanol prices . Over the medium term , we believe that the industry will need new supply to meet growing methanol demand .