VANCOUVER, British Columbia (February 1, 2022) / TOKYO (February 2, 2022) Methanex Corporation (TSX:MX) (NASDAQ:MEOH) (Methanex) and Mitsui O.S.K. Lines, Ltd. (TSE:9104) (MOL) announced the
completion of the previously announced strategic partnership involving Methanex’s Waterfront Shipping (WFS) subsidiary (NOTE 1). Methanex has received proceeds of approximately US$145 million from MOL
for a 40 percent minority interest in WFS. Methanex will retain the remaining 60 percent majority interest in WFS and continue to operate WFS as a key element of its global supply chain capabilities.

Methanol is a safe, proven, cost-competitive marine fuel for the commercial shipping industry that can meet current and future emissions regulations (Note 2). Through this transaction, Methanex as the worldleading methanol producer, WFS as the world’s leading methanol shipper, and MOL as the provider of multimodal shipping services will strengthen a relationship established over 30 years and advance the commercialization of methanol, including renewable methanol (Note 3), as a viable marine fuel.

NOTE1 : For further details, please refer to the previous news releases.
July 15, 2021 (Vancouver) / July 16, 2021 (Tokyo)
METHANEX AND MITSUI O.S.K. LINES ANNOUNCE AGREEMENT ON KEY COMMERCIAL TERMS FOR A STRATEGIC PARTNERSHIP
Oct 27, 2021 (Vancouver) / Oct 28, 2021 (Tokyo)
METHANEX AND MITSUI O.S.K. LINES FINALIZE DEFINITIVE AGREEMENTS FOR A STRATEGIC SHIPPING PARTNERSHIP

NOTE2 : As a marine fuel, methanol can reduce sulphur oxides (SOx) emissions by up to 99 percent, particulate matter (PM) emissions by up to 95 percent, nitrogen oxides (NOx) by up to 80 percent, and CO2 emissions by up to 15 percent during combustion compared to conventional marine fuels. Also, methanol produced from renewable sources can reduce CO2 emissions by up to 95 percent.

NOTE3 : Methanol is most commonly produced on a commercial scale from natural gas and coal. Methanol can also be made from renewable sources, such as municipal waste, biomass and recycled carbon dioxide.