AzMeCo to Restore Production in Early June

The methanol plant in the Garadagh district of Baku that was suspended after the arrest of the Chairman of the Supervisory Board Nizami Piriyev on May 8 plans to restore its work in early June, immediately after the resumption of supply of natural gas. The announcement of this was spread by LLC AzMeCo.

Piriyev was released from arrest on the judgment of 28 May. "Part of the debt to the International Bank of Azerbaijan was covered during my investigation. On the remaining part of the loan an agreement was reached with the bank," Piriyev said. The figure is not specified.

It is noteworthy that the price at which SOCAR supplied gas to AzMeCo is not reported.

The construction of the methanol plant (2009-2013) with a capacity of 720,000 tons per year cost AzMeCo $ 450 million. Of this, $ 150 million was allocated by the European Bank for Reconstruction and Development. The remaining $ 300 million came from OJSC International Bank of Azerbaijan, which is considered a state bank.

According to the State Statistics Committee, for the first four months of this year, Azerbaijan produced 44.9 thousand tons of methanol (methyl alcohol). In the first quarter it exported 28,035.7 tons with a declared value of $ 7 million 526.4 thousand. ----08B