Baku, Fineko/abc.az. VTB Bank (Azerbaijan) and Azerbaijan methanol company (AzMeCo) have signed a $30 million loan agreement.

VTB Azerbaijan reports that the loan is designed for the construction of a methanol plant in Baku to be the only one in the South Caucasus and Central Asia. Its production capacity will be 720,000 tons of methanol a year with a possibility of utilization of CO2. The plant’s facilities will capture CO2 released into the atmosphere in the amount of 250,000 tons a year. This ecological aspect of AzMeCo will give it the right to receive carbon credits.

AzMeCo head Nizami Piriyev says that they appreciate cooperation with bank VTB, which is an advanced and rapidly developing bank.

"The AzMeCo methanol plant is a unique project. Its uniqueness is that methanol is the "energy of the XXI century", as Nobel laureate in chemistry George Ola said once. With the use of methanol in the energy sector it is possible to diminish substantially harmful emissions into the atmosphere and thus save the environment," Piriyev said.

VTB Azerbaijan’s president and chairman of board Oleg Krasnozhon also appraised high this cooperation and underlined the importance of such projects for the country.

Construction of methanol plant will contribute to the further development of Azerbaijan’s economy.

"A large loan extended by VTB Bank (Azerbaijan) indicates a serious proposal to conduct large transactions financed by the Bank in the future as well," it was reported.

Financial consultant of the agreement is Azerbaijani consulting company ACG.

VTB Bank (Azerbaijan) is a subsidiary of Bank VTB and offers a wide range of internationally accepted banking practice.

AzMeCo is a fast growing company founded in November 2007 in Azerbaijan for the purpose of investing in the non-oil sector. The Company, with fully private ownership, shows an example of successful development, implementation and financing of major projects in Azerbaijan. AzMeCo in addition to its portfolio of international hydrocarbon projects in the Caspian basin, created a master plan for investments in non-oil sector of Azerbaijan.

26.04.2011 12:38