AzMeCo
TypeManufacturing
IndustryEnergy
HeadquartersAzerbaijan
Key people
Chairman: Nizami Piriyev.[1][2]
Hidayat Sultanov, Director General[2]
Websitewww.azmeco.com

AzMeCo (formally known as the Azerbaijan Methanol Company[3]) is a methanol production company located in Azerbaijan.[4] The company is primarily focused on petrochemical projects,[5] specifically the construction and operation of gas and methanol factories.[3] AzMeCo also works on hydrocarbon projects in the Caspian Sea.[1][6]

History

2007

AzMeCo company was founded in 2007.[1]

2012

In November 2012, the International Bank of Azerbaijan, Asia House, and TheCityUK organized a conference known as the Caspian Corridor Conference. The IBA, Asia House, and TheCityUK created a business framework at the conference upon which the future sale and marketing of AzMeCo's methanol was based.[7]

Additionally, in 2012 BP agreed to buy methanol from AzMeCo.[4] According to petrochemical industry research service Petrochemicals ResearchViews and Azerbaijani newspaper Today.Az, AzMeCo agreed to sell its entire methanol production exclusively to BP.[7][8]

2013

AzMeCo built the first methanol plant in the South Caucasus region and Central Asia, according to Azer News.[6] AzMeCo estimates that the plant will produce 560,000 tonnes of methanol per year.[9] The International Bank of Azerbaijan and European Bank for Reconstruction and Development (EBRD) financed the construction of the plant.[10]

2015

AzMeCo declared it would align with Sovereign Wealth Fund conglomerates to invest with low risk in productive overseas projects.

Future

In 2013, the Chairman of AzMeCo told reporters that the company would invest in petrochemical and oil refinery plants in Libya.[8]

References

  1. 1 2 3 N. Ismayilova, “AzMeCo plans for higher methanol consumption”, Trend Daily Economic News, September 26, 2011 (Retrieved July 30, 2013 via Nexis)
  2. 1 2 “About Company”, AzMeCo company website (Retrieved July 30, 2013)
  3. 1 2 "Azmeco to begin methanol production in Azerbaijan in June 2012 - company head", Russia & CIS Business and Financial Newswire, October 19, 2011 (Retrieved July 30, 2013 via Nexis)
  4. 1 2 "Azerbaijan: AZMECO inks deal with BP for methanol plant in AZERBAIJAN", TendersInfo, November 29, 2012 (Retrieved July 30, 2013 via Nexis)
  5. ↑ “Azovmash to Supply 252 Tankers for Chemicals to Azerbaijan’s AzMeCo in 2013”, Ukraine Business Weekly, May 23, 2013 (Retrieved July 30, 2013 via Nexis)
  6. 1 2 Aynur Jafarova, “Azerbaijan's first methanol plant to be commissioned soon”, Azer News, May 22, 2013 (Retrieved July 30, 2013 via Nexis)
  7. 1 2 “AzMeCo Commences Operations At US$350 Million Methanol Plant In Azerbaijan” Archived 2016-03-05 at the Wayback Machine, Petrochemicals ResearchViews, June 8, 2013 (Retrieved July 30, 2013)
  8. 1 2 “AzMeCo to step into market before long”, Today.Az, June 10, 2013 (Retrieved July 30, 2013)
  9. ↑ “APIC '12: Azerbaijan methanol plant start-up now seen 2013-2014”, Chemical News & Intelligence, May 17, 2012 (Retrieved July 30, 2013 via Nexis)
  10. ↑ Sergei Blagov, “Azerbaijan's AzMeCo to build new methanol plant by end of 2011”, ICIS.com (a “petrochemical market information provider”, according to www.icis.com/about-us/), March 3, 2011 (Retrieved July 30, 2013)
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