Sberbank intends to allocate AzMeCo 1.5 billion dollars

Sberbank of Russia intends to finance projects of Azerbaijan Methanol Company LLC (AzMeCo) totaling $ 1.5 billion as part of a memorandum of cooperation. According to a press release of the bank, the document was signed during the XVIII International Economic Forum (SPIEF) .

Cooperation of AzMeCo and Sberbank provides refinancing methanol plant in the Karadag district of Baku for $ 450 million and several smaller projects. This long-term project financing to commercial retail space in Moscow , long-term project financing for the construction of a methanol plant in southwestern Russia and a number of project finance transactions medium and large businesses in the Crimea.

The document was signed for five years with the possibility of extension and establishing formal pre-contractual relations. Specific projects will be governed by separate agreements. The memorandum does not restrict AzMeCo in the cooperation with other banks.

AzMeCo is an international company headquartered in Baku and presence in Russia, the Netherlands, Uzbekistan, Afghanistan and Turkey. This is the only owner of the methanol plant in Azerbaijan, certified according to international standards. AzMeCo investment in the plant was approximately $ 500 million. The gas supplier for AzMeCo is the State Oil Company of Azerbaijan. - 17D-