Methanex ( MEOH) signed a memorandum of understanding with GeoPark Holdings for the long-term supply, development and acquisition of new natural gas reserves in Chile.

The preliminary deal includes a 10-year gas supply and purchase commitment from GeoPark's Fell Block in southern Chile beginning in May. The agreement is subject to a final contract and required Chilean government approvals.

Methanex's methanol plant site in Chile produces about 10% of the world's methanol supply. GeoPark is the only private-sector oil and gas producer in Chile and has been supplying natural gas to Methanex in Chile since May 2006.

If you liked this article you might like

Spain to Play Netherlands for World Cup

Spain to Play Netherlands for World Cup

Wal-Mart: Analysts' Upgrades, Downgrades

Wal-Mart: Analysts' Upgrades, Downgrades

Netherlands Advances to World Cup Final

Netherlands Advances to World Cup Final

Apple: Analysts' Upgrades, Downgrades

Apple: Analysts' Upgrades, Downgrades

World Markets Mostly Lower Monday

World Markets Mostly Lower Monday