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Methanex to sell 10% equity share in Egyptian JV for $110M

Methanex has agreed to sell an approximate 10% equity share in Egyptian Methanex Methanol Company S.A.E. to Arab Petroleum Investments Corporation, or APICORP, for $110M. The transaction will increase APICORP's ownership in the joint venture to 17%. Methanex will remain the operator and majority shareholder of EMethanex with just over 50% ownership. The remaining 33% interest is held by several Egyptian government shareholders. Subject to completion of certain conditions precedent, the companies expect the sale to be finalized by the end of 2013.