Azmeco to begin methanol production in Azerbaijan in June 2012 - company head
BAKU. Oct 19 (Interfax) - The Azerbaijan Methanol Company (Azmeco) will begin methanol production in July 2012, Azmeco CEO Nizami Piriyev told journalists on Wednesday.
"The factory's construction will be completed by the end of 2011. The factory will enter into test mode for output at the beginning of 2012. Full methanol output will begin at the factory in June 2012," Piriyev told Interfax.
In the first stage, methanol production will be 560,000 tonnes. Within six months after production begins, the factory's capacity will be brought to 720,000 tonnes, he said.
The factory's construction cost $360 million. Taking banking expenditures on loan servicing into account, it cost over $400 million. Of this amount, 70% was covered by loans, some of them from the International Bank of Azerbaijan, Piriyev said.
Piriyev said that 90% of the factory's finished products will be exported.
Azmeco was founded in 2007 in Azerbaijan and acts as operator for the construction and operation of the gas and methanol processing factory.