04:40 AM EDT, 07/18/2024 (MT Newswires) -- Methanex ( MEOH ) said late Wednesday it has made a joint investment with Entropy, a carbon capture and storage firm, in a Preliminary Front-End Engineering and Design study for carbon capture, utilization and sequestration deployment at its Medicine Hat, Alberta, facility.

Under the partnership, the company said Entropy's modular post-combustion carbon capture technology and Methanex's ( MEOH ) manufacturing expertise would be utilized to produce additional methanol.

The company said the project would involve an investment of about 100 million Canadian dollars ($73.1 million), a significant portion of which will come from Entropy.

It added that the investment is expected to create about 200 construction jobs and several permanent jobs once operational.

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