Azerbaijan, Baku, March 16 / Trend N.Ismayilova /
The Azerbaijani Taxes Ministry registered AzerGubre - complex for production of ammonia, urea and formaldehyde through the "single window" in February, 2010, the ministry reported.
The factory is registered with an authorized capital of 1,000 manat. Shahin Bayramov is plant's legal representative. Nizami Piriyev is its founder. Factory has passed the state registration for commercial activity Feb. 25, 2010.
The construction of AzerGubre fertilizer factory provided under the second phase of the project AzMeCo.
The AzMeCo's project consists of three phases. In the first phase, the production capacity of the methanol plant will be 720,000 tons per year. The construction of the plant is expected to be completed in late 2010 and its commissioning - in 2011. The total cost of the project's first phase is $324 million, of which $85 million provided through the company's own funds and $120 million - EBRD. Today the project is funded by the Black Sea Bank for Reconstruction and Development and the EDC of Canada.
The second phase of the project envisages construction of fertilizer plant AzerGubre - complex for production of ammonia, urea and formaldehyde. Plant's capacity will be 1,100 tons of ammonia, 2,150 tons of urea and 115 tons of formaldehyde per day. The total value of the second phase of the project is $ 700 million investment capital will be repaid within five years. EBRD has expressed desire to participate in this project, but we are still looking for additional investors.
The third phase of the project involves the production of derivatives of methanol and urea. AzMeCo plans to begin production of acetic acid, DME and melamine. The total cost of the third phase is $300 million.
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