<DOCUMENT>
<TYPE>EX-7.5
<SEQUENCE>5
<FILENAME>o16687exv7w5.txt
<DESCRIPTION>STATEMENT OF ELIGIBILITY OF THE TRUSTEE ON FORM T-1
<TEXT>
<PAGE>

                                                                     EXHIBIT 7.5

================================================================================

                                    FORM T-1

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                            STATEMENT OF ELIGIBILITY
                   UNDER THE TRUST INDENTURE ACT OF 1939 OF A
                    CORPORATION DESIGNATED TO ACT AS TRUSTEE

                      CHECK IF AN APPLICATION TO DETERMINE
                      ELIGIBILITY OF A TRUSTEE PURSUANT TO
                                SECTION 305(b)(2)

                           ---------------------------

                              THE BANK OF NEW YORK

               (Exact name of trustee as specified in its charter)

     New York                                                  13-5160382
  (State of incorporation                                  (I.R.S. employer
if not a U.S. national bank)                               identification no.)

     One Wall Street, New York, NY                               10286
(Address of principal executive offices)                       (Zip code)

                           ---------------------------

                              METHANEX CORPORATION

               (Exact name of obligor as specified in its charter)

Canada                                                       Not Applicable
(State or other jurisdiction of                          (I.R.S. employer
incorporation or organization)                           identification no.)

     1800 Waterfront Centre
     200 Burrard Street                                      V6C 3M1
     Vancouver, British Colombia, Canada                 (Zip code)
(Address of principal executive offices)

                           ---------------------------

                                 Debt Securities

                       (Title of the indenture securities)

================================================================================

<PAGE>

1.    GENERAL INFORMATION. FURNISH THE FOLLOWING INFORMATION AS TO THE TRUSTEE:

      (A)   NAME AND ADDRESS OF EACH EXAMINING OR SUPERVISING AUTHORITY TO WHICH
            IT IS SUBJECT.

<TABLE>
<CAPTION>
                  Name                               Address
                  ----                               -------
<S>                                       <C>
Superintendent of Banks of the State of   2 Rector Street, New York, N.Y.
New York                                  10006, and Albany, N.Y. 12203

Federal Reserve Bank of New York          33 Liberty Plaza, New York, N.Y. 10045

Federal Deposit Insurance Corporation     Washington, D.C. 20429

New York Clearing House Association       New York, New York 10005
</TABLE>

      (B)   WHETHER IT IS AUTHORIZED TO EXERCISE CORPORATE TRUST POWERS.

      Yes.

2.    AFFILIATIONS WITH OBLIGOR.

      IF THE OBLIGOR IS AN AFFILIATE OF THE TRUSTEE, DESCRIBE EACH SUCH
      AFFILIATION.

      None.

16.   LIST OF EXHIBITS.

      EXHIBITS IDENTIFIED IN PARENTHESES BELOW, ON FILE WITH THE COMMISSION, ARE
      INCORPORATED HEREIN BY REFERENCE AS AN EXHIBIT HERETO, PURSUANT TO RULE
      7A-29 UNDER THE TRUST INDENTURE ACT OF 1939 (THE "ACT") AND 17 C.F.R.
      229.10(d).

      1.    A copy of the Organization Certificate of The Bank of New York
            (formerly Irving Trust Company) as now in effect, which contains the
            authority to commence business and a grant of powers to exercise
            corporate trust powers. (Exhibit 1 to Amendment No. 1 to Form T-1
            filed with Registration Statement No. 33-6215, Exhibits 1a and 1b to
            Form T-1 filed with Registration Statement No. 33-21672 and Exhibit
            1 to Form T-1 filed with Registration Statement No. 33-29637.)

      4.    A copy of the existing By-laws of the Trustee. (Exhibit 4 to Form
            T-1 filed with Registration Statement No. 33-31019.)

      6.    The consent of the Trustee required by Section 321(b) of the Act.
            (Exhibit 6 to Form T-1 filed with Registration Statement No.
            33-44051.)

      7.    A copy of the latest report of condition of the Trustee published
            pursuant to law or to the requirements of its supervising or
            examining authority.

                                       -2-
<PAGE>

                                    SIGNATURE

      Pursuant to the requirements of the Trust Indenture Act of 1939, the
Trustee, The Bank of New York, a corporation organized and existing under the
laws of the State of New York, has duly caused this statement of eligibility to
be signed on its behalf by the undersigned, thereunto duly authorized, all in
The City of New York and State of New York, on the 19th day of July, 2005.

                                                THE BANK OF NEW YORK

                                                By:  /s/ Stanislav Pertsev
                                                     ---------------------------
                                                     Name:  Stanislav Pertsev
                                                     Title: Assistant Treasurer

                                      -3-
<PAGE>

                                                                       EXHIBIT 7

                       Consolidated Report of Condition of

                              THE BANK OF NEW YORK

                    of One Wall Street, New York, N.Y. 10286
                     And Foreign and Domestic Subsidiaries,

a member of the Federal Reserve System, at the close of business March 31, 2005,
published in accordance with a call made by the Federal Reserve Bank of this
District pursuant to the provisions of the Federal Reserve Act.

<TABLE>
<CAPTION>
                                                                                Dollar Amounts
                                                                                 In Thousands
                                                                                ---------------
<S>                                                                             <C>
ASSETS
Cash and balances due from depository institutions:
   Noninterest-bearing balances and currency and coin............               $     2,292,000
   Interest-bearing balances.....................................                     7,233,000
Securities:
   Held-to-maturity securities...................................                     1,831,000
   Available-for-sale securities.................................                    21,039,000
Federal funds sold and securities purchased under agreements to
   resell
   Federal funds sold in domestic offices........................                     1,965,000
   Securities purchased under agreements to
   resell.............................................                                  379,000
Loans and lease financing receivables:
   Loans and leases held for sale................                                        35,000
   Loans and leases, net of unearned
      income.....................................................                    31,461,000
   LESS: Allowance for loan and
      lease losses...............................................                       579,000
   Loans and leases, net of unearned
      income and allowance.......................................                    30,882,000
Trading Assets...................................................                     4,656,000
Premises and fixed assets (including capitalized leases).........                       832,000
Other real estate owned..........................................                             0
Investments in unconsolidated subsidiaries and associated
   companies.....................................................                       269,000
Customers' liability to this bank on acceptances outstanding.....                        54,000
Intangible assets:
   Goodwill......................................................                     2,042,000
   Other intangible assets.......................................                       740,000
</TABLE>

<PAGE>

<TABLE>
<S>                                                                             <C>
Other assets.....................................................                     5,867,000
                                                                                ---------------
Total assets.....................................................               $    80,116,000
                                                                                ===============
LIABILITIES
Deposits:
   In domestic offices...........................................               $    34,241,000
   Noninterest-bearing...........................................                    15,330,000
   Interest-bearing..............................................                    18,911,000
   In foreign offices, Edge and Agreement subsidiaries, and IBFs.                    25,464,000
   Noninterest-bearing...........................................                       548,000
   Interest-bearing..............................................                    24,916,000
Federal funds purchased and securities sold under agreements to
      repurchase
   Federal funds purchased in domestic
     offices.....................................................                       735,000
   Securities sold under agreements to
     repurchase..................................................                       121,000
Trading liabilities..............................................                     2,780,000
Other borrowed money:
   (includes mortgage indebtedness and obligations under
   capitalized leases).......                                                         1,560,000
Not applicable
Bank's liability on acceptances executed and outstanding.........                        55,000
Subordinated notes and debentures................................                     1,440,000
Other liabilities................................................                     5,803,000
                                                                                ---------------
Total liabilities................................................               $    72,199,000
                                                                                ===============
Minority interest in consolidated subsidiaries...................                       141,000

EQUITY CAPITAL
Perpetual preferred stock and related
   surplus...........................................                                         0
Common stock.....................................................                     1,135,000
Surplus (exclude all surplus related to preferred stock).........                     2,088,000
Retained earnings................................................                     4,643,000
Accumulated other comprehensive income.........                                         -90,000
Other equity capital components.....................                                          0
Total equity capital.............................................                     7,776,000
                                                                                ---------------
Total liabilities, minority interest, and equity capital.........               $    80,116,000
                                                                                ===============
</TABLE>

                                       -2-
<PAGE>

      I, Thomas J. Mastro, Senior Vice President and Comptroller of the
above-named bank do hereby declare that this Report of Condition is true and
correct to the best of my knowledge and belief.

                                                               Thomas J. Mastro,
                                           Senior Vice President and Comptroller

      We, the undersigned directors, attest to the correctness of this statement
of resources and liabilities. We declare that it has been examined by us, and to
the best of our knowledge and belief has been prepared in conformance with the
instructions and is true and correct.

Thomas A. Renyi
Gerald L. Hassell                               Directors
Alan R. Griffith

                                       -3-
</TEXT>
</DOCUMENT>
