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METHANEX CORPORATION ANNOUNCES PARTICIPATION IN FUEL METHANOL VENTURE

 VANCOUVER, Sept. 14 /PRNewswire/ -- Methanex Corporation (NASDAQ-NMS: MEOHF), the world's largest independent methanol producer and marketer, and Metallgesellschaft Corp. (MG), New York, have signed a letter of intent to create a joint venture to market, on a worldwide basis, Reformulated Natural Gas (RNG). RNG or fuel methanol, as it is commonly known, is produced from chemical or non-chemical grade methanol, and will be marketed as a motor vehicle fuel to be used in flexible fuel vehicles or dedicated methanol vehicles.
 The new company, RNG Corp., will be headquartered at MG offices in Houston, Texas. RNG Corp., along with the marketing of RNG methanol as a motor vehicle fuel, will also develop the infrastructure to deliver RNG methanol to consumers, establish relationships with automobile manufacturers to encourage production of flexible fuel vehicles and develop programs with governmental agencies (federal, provincial or state) for the use of dedicated methanol vehicles. Additionally, the company will offer long-term or indexed price contracts to supply RNG methanol to end-users. RNG Corp. will also continue to work with industry participants to educate the public on the clean air advantages of RNG methanol over other motor vehicle fuels.
 RNG Corp. and its clean, methanol-based fuels program has been established in response to government requirements like the Clean Air Act Amendment of 1990, the Energy Policy Act of 1992, Presidential Executive Order 12844 and States Initiatives promoting the development of clean, non-petroleum-based transportation fuel use.
 MG, through one of its subsidiaries, MG Refining & Marketing, Inc. (MGR&M), markets petroleum products throughout the United States to large retail marketers, commercial end-users, industrial companies, federal and state governments and municipalities. Its presence in the physical market and diversity of its risk management programs are the key strengths of the company.
 Currently, MGR&M delivers approximately 300,000 barrels per day of refined products to its customers. The company utilizes an extensive terminal network with 165 locations in 42 states to store, process and distribute its oil products. The various risk management programs combined with the physical business enable customers to enhance profit margins while reducing risks. MGR&M's estimated sales for 1993 are expected to be $4 billion.
 An affiliate of MGR&M, MG Natural Gas Corp., is engaged in the marketing of both natural gas and associated risk management programs and will support RNG Corp.'s activities.
 Completion of the transaction is subject to all applicable government and regulatory authorities and signing of definitive agreements.
 Methanex is a publicly traded company engaged primarily in the worldwide production and marketing of methanol. Methanex's shares are listed for trading on the Toronto and Montreal Stock Exchanges in Canada under the trading symbol "MX" and on the NASDAQ NMS in the United States under the trading symbol "MEOHF."
 -0- 9/14/93
 /CONTACT: Brooke N. Wade, 604-684-7500, or Ronald J. Russell, 604-684-7500, both of Methanex Corporation/
 (MEOHF)


CO: Methanex Corporation; Metallgesellschaft Corp. ST: British Columbia, New York IN: OIL SU: JVN

PS -- NY007 -- 1611 09/14/93 09:02 EDT
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Publication:PR Newswire
Date:Sep 14, 1993
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