EBRD reschedules final review of loan to Azerbaijan Methanol Plan project

EBRD reschedules final review of loan to Azerbaijan Methanol Plan project
# 14 September 2009 15:07 (UTC +04:00)
Baku. Nijat Mustafayev – APA-Economics. The EBRD has rescheduled the final review of a loan 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’s Office in Baku said the Board’s final review of loan was rescheduled from September 22 to October 21.

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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THE OPERATION IS BEING PERFORMED