BTB Bank grants loan to build methanol plant in Azerbaijan
Baku, April 26 (AZERTAC). The BTB Bank (Azerbaijan) and Azerbaijan methanol Company (AzMeCo) signed a loan agreement worth $30 million. The agreement envisages the methanol plant construction in Baku. The plant will be the only one in Transcaucasia and Central Asia. Its production capacity will be 720,000 metric tons of methanol annually with a possibility of recycling of CO2, the factory setting will capture CO2 emitted into the atmosphere in amounts of about 250,000 tons a year. This ecological aspect of AzMeCo allows it to receive carbon credits.
The uniqueness of this project, according to AzMeCo President Nizami Piriyev, is that methanol is “energy of the 21st century”, as Nobel Prize winner George Olah said. It is possible to substantially reduce harmful emissions into the atmosphere and thus save the environment with the use of methanol in the energy sector, Piriyev said.
The methanol plant construction will contribute to the further development of Azerbaijan`s economy. A large loan issued by the Bank indicates a serious proposal to conduct large transactions financed by the Bank in the future.
The Azerbaijani consulting company ACG is the financial advisor to the agreement.
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