Methanex is one of Aotearoa's largest polluters. It burns 45% of our total natural gas supply to produce low value methanol and millions of tons of carbon dioxide. In the process, it also receives millions of dollars in pollution subsidies - roughly $40 million worth last year. But now, finally, its going bust:
Methanex has written down the value of its New Zealand operations to zero reflecting the challenge it’s facing to keep its Taranaki methanol plant operating.Meanwhile, a report from the Gas Industry Co says that Methanex is expected to close early next year due to the inability to source gas. Good riddance. Its not like these foreign parasites pay taxes. Instead they just gouge us for subsidies and export them as dividends. So the sooner they shut down and fuck off, the better. We'll all be better off when they do.In its recently released 2025 annual report, the Canadian-owned company said future earnings from the Motunui plant were not enough to justify its value on the books, leading to a non‑cash write‑down of about US$71 million (NZ$120 million).
The company’s annual report said the “recoverable amount of nil” was due to declining natural gas supply in New Zealand and uncertainty over whether contracted gas volumes would be delivered or future gas exploration would be successful.
Methanex still had agreements with gas suppliers, some extending until 2029, but the company said it could not be sure these contracts would deliver the volumes needed.
