OREANDA-NEWS. December 11, 2012. The Azerbaijani methanol production company (AzMeCo) and BP have today signed a contract for the sale, purchase and marketing of methanol produced at the AzMeCo plant in Azerbaijan, the International Bank of Azerbaijan (IBA) said, reported the press-centre of IBA.

The contract was signed during the first Caspian Corridor conference in Lancaster House in London, organised by CityUK in collaboration with IBA and Asia House.

This methanol plant will be the only one in the South Caucasus and Central Asia. The process is planned to be launched in early 2013. The total cost of the methanol plant construction is USD360 million.

The design capacity is 560,000 tons per year. The company is also designing the installation which will capture emissions of carbon dioxide. This gas can also act as a raw material for methanol production.

AzMeCo was founded in November 2007. Besides its portfolio of international hydrocarbon projects in the Caspian Sea basin, the company has developed a master plan for investments in the Azerbaijani non-oil sector.