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Friday, October 25, 2013
Methanex is selling a 10% stake in Egyptian methanol producer EMethanex to one of its JV partners Arab Petroleum Investments Corp (APICORP) for $110 million, according to an APICORP statement. The move follows a series of Egyptian asset sales by other Western companies such as Apache Corp.
APICORP, a development bank established by the Organization of Arab Petroleum Exporting Countries, said in a statement it already owned a 7% stake in EMethanex and would increase it to 17%.
The sale is expected to be finalized by the end of the year. Methanex will continue to remain the operator and majority shareholder of EMethanex with just over 50% ownership. The remaining 33% is held by the Egyptian government.
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