Today.Az » Business » Korean STX to construct methanol production plant in Azerbaijan
10 December 2010 [15:15] - Today.Az
Korea's STX Heavy Industries Co. - subdivision of STX Group, announced on Friday about getting an order worth $ 210 million from AzMeCo company to construct a methanol production plant in Azerbaijan.
STX Heavy Industries will start construction works next year and complete them by March 2013, the company said.
Earlier, Azerbaijani company AzMeCo attracted additional investors to implement the first phase of the project on constructing the methanol production plant, and now the process of searching investors for the second phase, which envisages the production of fertilizers, is underway.
The total cost of the project's first phase is $324 million. The major buyers of finished products (methanol) will be a multinational company Vitol and Mitsubishi Corporation.
The second phase of the project envisages construction of fertilizer plant AzerGubre - complex for production of ammonia, urea and formaldehyde. Plant's capacity will be 1,100 tons of ammonia, 2,150 tons of urea and 115 tons of formaldehyde per day. The total value of the second phase of the project is $ 700 million investment capital will be repaid within five years.
The third phase of the project involves the production of derivatives of methanol and urea. AzMeCo plans to begin production of acetic acid, DME and melamine. The total cost of the third phase is $300 million.
/Trend/
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