Azerbaijan, Baku, Jan. 16 / Trend N. Ismayilova /
Methanol production in Azerbaijan will begin in the third quarter of 2012, AzMeCo told Trend today. Earlier, the company planned to begin production in the second quarter.
"The construction work at the plant is planned to be completed in May 2012," the company said. "Today, about 95 percent of construction operations have been completed."
Earlier, the plant construction was planned to be completed by late 2011.
The design capacity is 560,000 tons per year.
The total project cost was $360 million. Financing has been completed.
This methanol plant will be the only one in the Caucasus and Central Asia.
AzMeCo was founded in November 2007. Besides its portfolio of international hydrocarbon projects in the Caspian Basin, the company has developed a master plan for investment in the Azerbaijani non-oil sector.