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AzMeCo signs deal with Russian bank, plans methanol expansion

12:06 PM MDT | May 23, 2014 | Natasha Alperowicz

Azerbaijan Methanol Co. (AzMeCo; Karadagh, Azerbaijan) and Sberbank (Moscow) have signed a memorandum of cooperation (MOC). Sberbank will finance AzMeCo’s projects to the value of $1.5 billion under the agreement. The figure includes refinancing the Karadagh methanol plant near Baku for $450 million, long-term project financing of a commercial retail space at Moscow, long-term project financing for a methanol project in the southwest of Russia, and project financing of a series of medium and large business deals in Crimea. The MOC has a five-year term with...

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