EBRD to finance Azerbaijan Methanol Plan project

EBRD to finance Azerbaijan Methanol Plan project
# 24 August 2009 11:06 (UTC +04:00)
Baku. Nijat Mustafayev – APA-Economics. The EBRD is considering providing financing of up to USD 120 million to Azerbaijan Methanol Company (Azmeco) to allow for the purchase, construction and operation of an approx. 561,000 tonne p.a Methanol Plant including the possibility of a CO2 Capture Unit.

The EBRD Board is due to hold the final review of loan on September 22.

Up to USD 120 million financing will be available with 2 separated tranches:
• a USD 90 million senior loan up to 9 years;
• a USD 30 million Senior Performance-Linked Financing fully re-paid in year 10.
AzMeCo intends to include urea and ammonia production in future development phases

The total project cost is over $300 million.
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