Azerbaijan`s first methanol plant to be commissioned in summer

Baku, May 17 (AZERTAC). Azerbaijani Methanol Company (AzMeCo) has postponed terms of the launch of a methanol plant to be the first in Azerbaijan and the South Caucasus for 2013 for this summer.

The Company reports that AzMeCo plant start-up is expected in the coming months.

"Construction on the territory of the plant was finished fully, and it remained to solve only some technical issues. After that the enterprise will be launched,” the Company said.

An off-take agreement for sale of Azerbaijani methanol was signed on 26 November in London within the framework of the First Caspian Corridor Conference organized by CityUK in cooperation with International Bank of Azerbaijan OJSC and Asia House.

BP received off-taker status for entire output of the Company.

Investment in the plant construction totaled $350 million not taking into account interests on raised financing.