AzMeCo
| Company type | 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
- ^ a b c N. Ismayilova, “AzMeCo plans for higher methanol consumption”, Trend Daily Economic News, September 26, 2011 (Retrieved July 30, 2013 via Nexis)
- ^ a b “About Company”, AzMeCo company website (Retrieved July 30, 2013)
- ^ a b “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)
- ^ a b “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)
- ^ a b Aynur Jafarova, “Azerbaijan's first methanol plant to be commissioned soon”, Azer News, May 22, 2013 (Retrieved July 30, 2013 via Nexis)
- ^ a b “AzMeCo Commences Operations At US$350 Million Methanol Plant In Azerbaijan”, Petrochemicals ResearchViews, June 8, 2013 (Retrieved July 30, 2013)
- ^ a b “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