EBRD lends $120 mln to build methanol plant in Azerbaijan

On Dec. 1, the European Bank for Reconstruction and Development (EBRD) and Azerbaijan Methanol Company (AZMECO) signed a $120 million loan agreement at a ceremony attended by former British Prime Minister Tony Blair, representatives of Azerbaijan’s government and members of Parliament.

According to AZMECO Board Chairman Nizami Piriyev, the company plans to build $1.1 billion worth of 6 plants in the country.

All the plants are scheduled to be put into operation by 2013.

The total cost of the project is $330 million.

/AzerTaj/