AzMeCo

AzMeCo
Manufacturing
Industry Energy
Headquarters Azerbaijan
Key people

Chairman: Nizami Piriyev.[1][2]

Hidayat Sultanov, Director General[2]
Website www.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] On May 12, 2015, its Chairman Nizami Piriyev was arrested and charged with fraud.

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

On 12 May 2015, its Chairman, Nizami Piriyev was arrested and charged with fraud and embezzlement of public property. His charges relate to a stringent crack down in Azerbaijan over hundreds of millions of dollars worth of loans, which were misused.[11]

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”, 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)
  11. ↑ News Article

External links

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