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<TYPE>EX-5
<SEQUENCE>4
<FILENAME>v96282orexv5.txt
<DESCRIPTION>EXHIBIT 5
<TEXT>
<PAGE>
                                    EXHIBIT 5
                        OPINION OF MCCARTHY TETRAULT LLP

                                                                February 6, 2004

Securities and Exchange Commission
450 Fifth Street NW
Washington, DC 20549

Dear Sirs:

         Re:  Registration Statement on Form S-8 of Methanex Corporation

         We have acted as Canadian counsel to Methanex Corporation (the
"Company") in connection with the filing of the above-referenced Registration
Statement relating to the registration of common shares of the Company (the
"Shares") issuable upon the exercise of options granted or to be granted under
the Methanex Corporation Stock Option Plan 2002 (the "Plan"). In connection
therewith, we have considered such questions of law and have examined and relied
upon such resolutions, records, certificates of public officials and officers of
the Company and other documents deemed necessary or appropriate to enable us to
render the opinion expressed below.

         Based on the foregoing, it is our opinion that the Shares will, upon
the exercise of such options in accordance with the terms of the Plan, and the
receipt by the Company of the exercise price under such options for such Shares,
be validly issued and outstanding as fully paid and non-assessable shares.

         We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement and to all references to our firm included in or made a
part of the Registration Statement.

                                       Yours Truly,


                                       /s/ McCARTHY TETRAULT LLP

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