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Investment in associate
 12 Months Ended
Dec. 31, 2017
Interests In Other Entities [Abstract]  
Investment in associate
Investment in associate:

a) The Company has a 63.1% equity interest in Atlas Methanol Company Unlimited ("Atlas"). Atlas owns a 1.8 million tonne per year methanol production facility in Trinidad. The Company accounts for its interest in Atlas using the equity method. Summarized financial information of Atlas (100% basis) is as follows:
 
Consolidated statements of financial position as at
Dec 31
2017

Dec 31
2016

Cash and cash equivalents
$
8,361

$
15,530

Other current assets1
79,738

45,219

Non-current assets
289,671

324,297

Current liabilities1
(41,388
)
(24,783
)
Other long-term liabilities, including current maturities
(157,935
)
(168,253
)
Net assets at 100%
178,447

192,010

Net assets at 63.1%
112,600

121,158

Long-term receivable from Atlas1
76,322

76,244

Investment in associate
$
188,922

$
197,402


 
Consolidated statements of income for the years ended December 31
2017

2016

Revenue1
$
459,367

$
213,533

Cost of sales and depreciation and amortization
(261,121
)
(145,126
)
Operating income
198,246

68,407

Finance costs, finance income and other expenses
(11,170
)
(12,771
)
Income tax expense
(66,640
)
(24,052
)
Net earnings at 100%
120,436

31,584

Earnings of associate at 63.1%
75,995

19,930

 
 
 
Dividends received from associate
$
84,553

$
47,325

1 
Includes related party transactions between Atlas and the Company (see note 22).

b) Contingent liability:
The Board of Inland Revenue of Trinidad and Tobago has issued assessments against Atlas in respect of the 2005 to 2011 financial years. All subsequent tax years remain open to assessment. The assessments relate to the pricing arrangements of certain long-term fixed price sales contracts from 2005 to 2019 related to methanol produced by Atlas. Atlas had partial relief from corporation income tax until late July 2014.
The Company has lodged objections to the assessments. Based on the merits of the cases and legal interpretation, management believes its position should be sustained.