News

11 September 2015

Agreement on gas supply to the Azerbaijan Republic is signed

In Baku, in the presence of Alexander Medvedev, Deputy Chairman of Gazprom’s Management Committee, and Elshad Nassirov, Vice-president for investments and marketing of The State Oil Company of the Azerbaijan Republic (SOCAR), Elena Burmistrova, Director General of “Gazprom Export” LLC, and Nizami Piriev, Chairman of the Board of Directors of Azerbaijan Methanol Company (AzMeCo) have signed a mid-term gas purchase and supply contract in the volume of up to 2 billion cubic meters per year.

Gazprom Group’s gas supply will secure 100% loading of the Karadagh Methanol Plant’s capacity. Gas supply to the final consumers in the Azerbaijan Republic is intended to start in the earliest possible timeframe.

Background

Azerbaijan Methanol Company (AzMeCo) was founded in 2007 to invest in petrochemical projects as an owner and operator. In addition to its portfolio of international hydrocarbon investments in the Caspian basin, AzMeCo prepared a master plan of investment in Azerbaijan, including construction of the Karadagh Methanol Plant.
 

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