The first methanol plant in the Caucasus region, owned by Azerbaijani Methanol Company (AzMeCo), is now operational, Chairman of the board of directors of AzMeCo, Nizami Piriyev, has said.
Mr. Piriyev said the current capacity of the plant is more than 65 metric tons and its first dispatch is expected within two months, abc.az reported.
AzMeCo has already signed a deal with the BP regarding the sale, purchase and marketing of the methanol produced at the new plant. As per the deal, signed during the Caspian Corridor Conference held in London last year, BP holds the vendor status for the entire output.
The construction of the new plant has been achieved with an investment of about US$ 350 million.
AzMeCo, founded in 2007, is a firm that invests in the petrochemical projects of Azerbaijan, as an owner and operator. In addition to its portfolio of international hydrocarbon investments in the Caspian basin, AzMeCo created a master plan of investment in the construction of the Karadagh Methanol Plant.
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