IHS Chemical Week

World News and Views :: Projects

EBRD Extends Loan for Methanol Project in Azerbaijan

5:46 AM MST | December 2, 2009 | Natasha Alperowicz

The European Bank for Reconstruction and Development (EBRD) has signed a cooperation agreemen with the Azerbaijan Methanol Co. (AzMeCo; Baku) for AzMeCo's previously announced methanol project to be built in the Karadagh region of Azerbaijan. The signing ceremony was attended by the Minister of Economy of Azerbaijan Shahin Mustafayev, special guest Tony Blair, representatives of the Azerbaijan government and members of parliament. The EBRD will provide $120 million financing toward the $330 million project, which foresees the construciton of a 561,000-m.t./year...

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