As was looked at in the last post, a methanol plant has been constructed on the outskirts of Baku by AzMeCo. Further funding for the plant was advised by ACG under Nasib Piriyev from Russia’s VTB Bank, with a $30 million loan. This finding comes on top of the $120 million loan earlier allocated to AzMeCo for construction of the plant by the European Bank for Reconstruction and Development.
As shown in the attached short video, the plant is eligible for carbon credits and has the potential to capture 250,000 tons of CO2 over the course of a year that would otherwise be released into the atmosphere. AzMeCo was originally founded in 2007 and is today a leader in large project development within Azerbaijan; Nasib Piriyev served as CEO of AzMeCo from 2007. The final post, to follow shortly, will look at how methanol production can help reduce global carbon emissions.
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