Azerbaijan to start methanol production this year

Azerbaijan will start methanol production by the end of current year, International Bank of Azerbaijan’s Chairman of Board of Directors Jahangir Hajiyev informed.

According to him, IBA participates in construction of plant and allocated funds: "It’s not only about the development of oil sphere, but about development of oil-chemistry industry".

Remind that, EBRD and Azerbaijan Methanol Company have signed a $120 mln- loan agreement and an agreement of intent on construction of methanol plant and 5 plants producing gases in the 25 ha area in Garadagh region. The project was estimated at $1.1 bln. 33% of funds wil be allocated by EBRD, others – by other banks.

Total value of plant’s construction to be constructed at first stage is $300 mln. Second is $400 mln, third - $250 mln, fourth - $30 mln, fifth – $100 mln, sixth - $30 ml.


/APA/