AzMeCo plans for higher methanol consumption
Azerbaijan, Baku, Sept. 26 / Trend , N.Ismayilova /
AzMeCo expects methanol consumption growth in Azerbaijan due to the increasing processing, AzMeCo Chairman Nizami Piriyev told Trend.
"Domestic methanol consumption is low, but we expect the figure to increase. Our main goal is to maximize the proportion of methanol directed for processing within the country," Piriyev said.
The state will annually provide AzMeCo with 650 million cubic meters of gas, which will allow to produce 720,000 tons of methanol.
"If we receive additional quantities of gas, we can further increase the production of methanol," he said.
Piriyev said AzMeCo got a valuable experience of working with the European Bank for Reconstruction and Development. Previously, the company has not used funds provided by the EBRD for the first phase of the project in the amount of $ 120 million.
"The bank was ready to provide finance us, but insisted on a foreign company to be a general contractor for plant construction. We were able to save money by attracting local construction companies and foreign experts," he said. Piriyev did not rule out the possibility of cooperation with the EBRD in future projects.
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.