Azerbaijan builds methanol and downstream complex.(NEW CONSTRUCTION PROJECTS)(Karadagh, south of Baku)(Azerbaijan Methanol Co.)

Azerbaijan Methanol Co. (Azmeco; Baku, Azerbaijan) is investing $330 million to build a methanol manufacturing complex at Karadagh, south of Baku. The European Bank for Reconstruction and Development (EBRD; London) has agreed to provide $120 million toward the project. The financing package includes a $90-million loan and a $30-million equity facility. The funds will allow Azmeco, owned by the Piriyev family, to purchase, build, and operate the plant, the company says.

The methanol plant was purchased second hand by Azmeco from Celanese at Clear Lake, TX. Azmeco refurbished the unit in the U.S. before shipping the equipment to Azerbaijan. The plant, based on ICI technology, …