EBRD LENDS $120 MLN TO BUILD METHANOL PLANT IN AZERBAIJAN

Baku, December 2 (AzerTAc). The European Bank for Reconstruction and Development (EBRD) and Azerbaijan Methanol Company (AZMECO) signed a $120 million loan agreement Tuesday here at a ceremony attended by former British Prime Minister Tony Blair, representatives of Azerbaijan’s government and members of Parliament..
According to AZMECO Board Chairman Nizami Piriyev, the company plans to build $1.1 billion worth of 6 plants in the country. All the plants are scheduled to be put into operation by 2013.
The total cost of the project is $330 million.