VTB Bank Funds Methanol Plant Construction in Azerbaijan with $30 Million Loan

In 2011 the go-ahead was given for construction of a new methanol plant in Azerbaijan after Russia’s VTB Bank agreed to a loan of $30 million to AzMeCo. The plant, which was constructed in Baku and the first and only such facility across the Central Asia and Transcaucasia regions, is the core component of AzMeCo’s plan of investment within Azerbaijan. The methanol plant is situated just south of the capital Baku in the Garadagh district and has a capacity to produce up to 720,000 tonnes of methanol annually. More statistics can be seen in the infographic attached to this post.



The financing for the project came about as part of an agreement with Azerbaijan consulting company ACG, established by Nasib Piriyev as part of the PNN Group. ACG is comprised of a carefully selected team of accountants, financiers and lawyers working with PNN Group companies to raise finance, manage projects and work with banks in the early stages of the projects.

VTB is an international finance group with presence in twenty-one countries across Asia, Western Europe and Africa, with VTB Bank Azerbaijan as its Azeri subsidiary.

In the following posts you will be able to learn more about the plant and about methanol, including how methanol has the potential to help reduce carbon emissions and contribute to creating a healthier planet.