Methanex (MEOH) said Tuesday it has agreed to sell substantially all of its New Zealand natural gas contractual entitlements, effective the first quarter of 2027 through the end of the decade.

As a result, Methanex expects to indefinitely idle its New Zealand production facilities in the first quarter of 2027, the company said.

The company cited continued decline in domestic natural gas availability and a lack of clear pathway to new supply, adding that it does not expect material cash costs from the decision, and any updates to production or financial guidance will be released with its regular quarterly communications.