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IFC helps improve corporate governance practices in Azerbaijan’s petrochemical sector

Business Materials 23 June 2010 13:49
The International Finance Corporation (IFC), a member of the World Bank Group, is partnering with Azerbaijan Methanol Company to improve the company’s governance practices, providing advice that will help establish good corporate governance in a key sector of Azerbaijan’s economy, the petrochemical industry, IFC reported.
IFC helps improve corporate governance practices in Azerbaijan’s petrochemical sector

Azerbaijan, Baku, June 23 / Trend N.Ismayilova /

The International Finance Corporation (IFC), a member of the World Bank Group, is partnering with Azerbaijan Methanol Company to improve the company's governance practices, providing advice that will help establish good corporate governance in a key sector of Azerbaijan's economy, the petrochemical industry, IFC reported.

AzMeCo was founded in 2007 as a methanol producer.  IFC will assess the company's corporate governance standards and develop a tailored improvement plan to align it with international best practices.  The Swiss government is supporting the project through its State Secretariat for Economic Affairs.

"Our work with IFC is a significant step forward that will help AzMeCo achieve its ambitious plans by implementing an appropriate corporate governance system," said Nasib Piriyev, AzMeCo CEO.  "This partnership will stimulate new initiatives and reinforce AzMeCo's commitment to the continuous improvement and development of its personnel."

IFC will advise and train the company's directors, managers, and key shareholders.  IFC also will help revise corporate documents, improve financial reporting and information disclosure and internal control and audit functions.  

"IFC is pleased to cooperate with AzMeCo, as this project is an important step in the development of Azerbaijan's petrochemical industry," said Caroline Bright, IFC Project Manager for the Azerbaijan Corporate Governance Project.  "It is essential that such a significant Azerbaijani company has good corporate governance to ensure its long-term sustainability, strengthen its internal processes, and facilitate access to finance in future."

Official opening of the ACGP project, initiated by IFC and funded by Seco, held Jan.26, 2005. Implementing the first phase of the project was designed for three years with a budget of $2.1 million. The project assists the introduction of corporate governance standards in accordance with the rules of the Organization for Economic Cooperation and Development (OECD).

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