A comparison is made between the ICI (two-phase) methanol synthesis process and a three-phase slurry process based on a multi-stage agitated reactor. The process calculations are based on a complete reactor system consisting of the reactor itself, a recycling system and a gas-liquid separator. The basic kinetic and thermodynamic data were taken from previous studies carried out in our laboratory. The results show that both reactor systems produce comparable methanol yields under the same process conditions except for the reactor temperature. Carbon conversion to methanol values close to 100% can be achieved. The three-phase process is more efficient in terms of heat recovery and power consumption. This is primarily caused by the fact that the three-phase process generates high-pressure steam and the ICI two-phase process yields boiler feed water of 90 degrees C. Furthermore, the pressure drop in the three-phase reactor is smaller than in the two-phase reactor, resulting in a smaller duty of the recycle compressor. However, for the present low energy prices, the annual financial savings, coupled with these energetic aspects, are not sufficient to compensate for the higher capital investment of the three-phase reactor system relative to the ICI two-phase reactor system. A relatively high natural gas price of US $4.1 per gigajoule is needed to reach the economical break-even point between the two processes. More active catalysts may be developed in the near future. Our results show that a relative increase in the catalyst activity by a factor of 1.5 or more (for both processes) will make the three-phase process of economic interest at a natural gas price of US $2.5 per gigajoule.