Arab Petroleum Investments Corporation (APICORP) has secured an additional 10% stake in the Egyptian Methanex Methanol Company (EMethanex) from majority shareholder Methanex of Canada. APICORP, a development bank owned by the 10 member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), said the $110mn transaction will increase its stake from 7% to 17% and is expected to be finalized by end-2013.
EMethanex operates a 1.3mn ton/year methanol plant at Damietta. However, production has been impacted recently by Egypt’s dwindling gas supplies (MEES, 3 May). Methanex says it will remain as operator and majority shareholder with 50% of equity. (CONTINUED - 256 WORDS)