Iran invests over EUR20mln in Azerbaijan's methanol production

The Iranian Export Development Bank allocated EUR21 million to methanol production in Azerbaijan, Mehr news agency reported. The loan was issued to the Azerbaijani private bank Metanol. Construction of the methanol production plant in Azerbaijan will finish in two years.

One more methanol production plant is under construction in Azerbaijan's Garadagh region. Azmeco is an operator of the project. It is planned to finish construction in the first half of 2010. Overwhelming part of the methanol produced at the plant will be exported.

The new plant's production capacity is 500,000 tons of methanol per year. Facilities of the U.S., Europe and Russia production will be used during construction.

The ready production will be transported to the Black Sea ports to sell them on the world markets.

The project is being implemented under the EBRD and Nord Bank's participation. The Italian Dappilonia and British Jacobs companies are inspecting its correspondence to the world ecological standards.

/Trend Capital/