February 10, 2005
Methanol Institute welcomes Metor to membership roster

(Business Wire) - "Venezuelan methanol producer Metor has joined the Methanol Institute (MI), which serves as the global trade association for the methanol industry. Metor recently announced plans to build a second methanol production plant in José, Venezuela, effectively doubling its capacity to 1.74 million tons per year (about 580 million gallons). Most of Metor's production is exported to the United States, which is the world's largest methanol consuming market.

'Welcoming Metor to MI demonstrates our continued commitment to helping global producers maintain a voice in Washington on U.S. legislative initiatives and international regulatory issues,' said Jan W. Spin, Vice President of Southern Chemical, and Chairman of the Methanol Institute's Board of Directors.

Metor (Metanol de Oriente) first began producing methanol as the José Antonio Anzoátegui Petrochemical Complex near the city of Barcelona in Eastern Venezuela in 1994. The state oil firm PDVSA's petrochemical unit Pequiven owns a majority 37.5% stake in Metor, with other partners including MI members Mitsubishi Corporation and Mitsubishi Gas Chemical with 23.75% each, Empresas Polar with 10%, and the World Bank's International Finance Corporation with the remaining 5%. Metor expects its new unit, Metor 2, to add another 900,000 tons per year to the company's existing production capacity of 840,000 tons per year.

'We are very glad to join the Methanol Institute. We are sure that its continuous support to the global producers and consumers will be a key issue in the coming years for the methanol industry worldwide, not only for regulatory issues but also in new market development and consumer education,' stated Betulio Hernández, General Manager of Metor. 'We believe in this industry, that is why we are now committed with the expansion project'.

Methanol, also known as wood alcohol, is a feedstock for hundreds of widely used chemical commodities, including formaldehyde, acetic acid, windshield wash fluid, and the gasoline additive MTBE. Methanol also is a leading source of hydrogen for emerging fuel cell technology applications, including fuel cell-powered laptop computers and cellular phones.

'MI is our industry touchstone for many facets of representation plays a vital role in consumer education about methanol that all producing areas of the globe require,' remarked Mark Vassar, Vice President of Mitsubishi Gas Chemical and Vice Chairman of the MI Board".