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Methanex Corp., the world’s largest supplier of methanol, reported its profit tripled in the second-quarter, earning $40.5 million, or 43 cents per share, as production rose 40 percent.
President and CEO Bruce Aitken tells BNN two new plants came online in the quarter, including one in Egypt.
“Those two new facilities in our system allowed us to have increased production, coming into an environment where methanol prices are very strong. High volumes and good prices usually add up to strong earnings,” he says.
“Methanol tends to compete with crude oil in lots of different applications. So, when crude oil prices are high, methanol prices tend to be high.”