AzMeCo (formally known as the Azerbaijan Methanol Company) is a methanol production company located in Azerbaijan. The company is primarily focused on “petrochemical projects”, specifically the construction and operation of gas and methanol factories. AzMeCo also works on hydrocarbon projects in the Caspian Sea. On May 12, 2015, its Chairman Nizami Piriyev was arrested and charged with fraud.
AzMeCo company was founded in 2007.
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.
Additionally, in 2012 BP agreed to buy methanol from AzMeCo. According to petrochemical industry research service Petrochemicals ResearchViews and Azerbaijani newspaper Today.Az, AzMeCo agreed to sell its entire methanol production exclusively to BP.
AzMeCo built the first methanol plant in the South Caucasus region and Central Asia, according to Azer News. AzMeCo estimates that the plant will produce 560,000 tonnes of methanol per year. The International Bank of Azerbaijan and European Bank for Reconstruction and Development (EBRD) financed the construction of the plant.
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.
- N. Ismayilova, “AzMeCo plans for higher methanol consumption”, Trend Daily Economic News, September 26, 2011 (Retrieved July 30, 2013 via Nexis)
- “About Company”, AzMeCo company website (Retrieved July 30, 2013)
- “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)
- “Azerbaijan: AZMECO inks deal with BP for methanol plant in AZERBAIJAN”, TendersInfo, November 29, 2012 (Retrieved July 30, 2013 via Nexis)
- “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)
- Aynur Jafarova, “Azerbaijan's first methanol plant to be commissioned soon”, Azer News, May 22, 2013 (Retrieved July 30, 2013 via Nexis)
- “AzMeCo Commences Operations At US$350 Million Methanol Plant In Azerbaijan”, Petrochemicals ResearchViews, June 8, 2013 (Retrieved July 30, 2013)
- “AzMeCo to step into market before long”, Today.Az, June 10, 2013 (Retrieved July 30, 2013)
- “APIC '12: Azerbaijan methanol plant start-up now seen 2013-2014”, Chemical News & Intelligence, May 17, 2012 (Retrieved July 30, 2013 via Nexis)
- 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)
- News Article