Azerbaijan, Baku, Sept.23 / Trend, N. Ismayilova /
The company AzMeCo is reviewing plans to implement the second phase of a project of methanol production development in Azerbaijan, AzMeCo board chairman Nizami Piriyev told Trend on Friday.
"Earlier it was planned to start ammonium and carbamide production after methanol production, but given the fact that the State Oil Company of Azerbaijan (SOCAR) has already announced its plans to build a plant for the production of nitrogen fertilizers, we will also consider the possibility of production of acetic acid and, perhaps, olefins production," Piriyev said.
He said that now, the preparation of a feasibility study of the second phase of the project is underway. The company is studying the market to define the range of products that are profitable to produce.
"Given that the project is funded at its own expense, we study what type of product is more in demand on the market. However, we are negotiating with the banks that would participate in funding further phases of the project," he said.
Piriyev said that by late 2011 the company intends to define the products that the plant will produce.
"Given the fact that the plant to be built by SOCAR will launch carbamide production, we will build a plant that uses methanol and urea as raw material for new product," he said.
AzMeCo was founded in November 2007. In addition to its portfolio of international hydrocarbon projects in the Caspian Sea basin the company has developed a master plan for investment in the Azerbaijani non-oil sector.
The Methanol plant under construction will be the only one in Transcaucasia and Central Asia. It will be commissioned in 2012.