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Azerbaijani company considers methanol exports to European market

Business Materials 26 September 2011 13:55 (UTC +04:00)
The company AzMeCo is considering the possibility of exporting methanol produced in Azerbaijan to the European market, AzMeCo board chairman Nizami Piriyev told Trend. Earlier the company planned to orient exports to Asian markets.

Azerbaijan, Baku, Sept.26/ Trend, N. Ismayilova /

The company AzMeCo is considering the possibility of exporting methanol produced in Azerbaijan to the European market, AzMeCo board chairman Nizami Piriyev told Trend. Earlier the company planned to orient exports to Asian markets.

"While we are constructing the plant in Azerbaijan, many similar companies have opened up in Egypt, Oman, and Bahrain, while Saudi Arabia increased its production capacity. Today the European markets are more attractive for exporting methanol produced at our plant," Piriyev said.

He said that the consumption of methanol in countries such as Turkey and Italy is growing. For example, Turkey's need for methanol has reached 400,000 tons per year. Piriyev considers it beneficial for the company for logistical reasons.

"The company is completing the construction of infrastructure in the Georgian port Poti, from where methanol will be supplied to Turkey and Europe by rail or sea. The terminal capacity will correspond with the plant's capacity," he said, adding that the terminal's construction will be completed in June 2012.

AzMeCo was founded in November 2007. In addition to its portfolio of international hydrocarbon projects in the Caspian Sea basin, the company developed a master plan for investment in the Azerbaijani non-oil sector.

The methanol plant constructed by the company will be the only one in the South Caucasus and Central Asia and will be commissioned in 2012.

Methanol production in the country will be increased up to 720,000 tons per year.
The total project cost is $360 million. At present, funding for the project has been completed.

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