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Methanex completes sale of 10% stake in Egyptian affiliate to Apicorp

7:17 AM MST | December 23, 2013 | Deepti Ramesh

Methanex says that it has completed the previously announced sale of a 10% stake in Egyptian Methanex Methanol Co. (EMethanex) to multilateral development bank Arab Petroleum Investments Corp. (Apicorp; Ad Dammām, Saudi Arabia), for $110 million. Methanex had announced its plans for the sale on 22 October. The sale increases Apicorp's ownership in the joint venture to about 17%, but Methanex will remain the operator and majority shareholder, with just over 50% ownership. The remaining interest is held by Egyptian Petrochemical Holding Co. (Cairo), which owns a...

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