Use of credit involved from EBRD for construction of methanol plant frozen in Azerbaijan

Use of $120 mln-loan, allocated from EBRD for the construction of Azerbaijan Methanol Plant has been frozen, AzMeCo President Nizami Piriyev said.

To him, the main purpose of freeze is that, earlier participation of foreign general contractor companies in construction of the plant was shown as an important factor in the terms of contract: “But despite these terms, the construction was realized on account of local construction companies. The use of credit is not on the agenda yet. This credit will be used in financing of other projects in future”.

“About $360 mln investments has been allocated to the construction of methanol plant. Cost of the project is above $400 mln. Because it includes extra ban interests too”, Piriyev added.


/APA/