Azernews.Az

By Aynur Jafarova

Azerbaijan Methanol Company AzMeCo intends to invest in the construction and development of petrochemical and oil refinery plants in Libya.

The Libyan National Oil Company said the issue was discussed at a meeting of Libyan Oil and Gas Minister Abdel Bari Ali Al-Arousi and chairman of the board of directors of AzMeCo Nizami Piriyev.

During the meeting, Piriyev voiced his company's interest in the oil and gas sector of Libya, in particular in the development of various projects jointly with the Libyan companies.

In turn, Libyan minister welcomed the interest of AzMeCo to work in the petrochemical sector of his country and urged Azerbaijani companies to participate in the tenders in various sectors of economy of Libya, in particular in oil industry.

Earlier in March, Azerbaijani Ambassador to Libya Aghaselim Shukurov said Azerbaijan is interested in the Libyan oil and gas sector and voiced the Azerbaijani companies' intention to participate in drilling operations in hydrocarbon fields of Libya.

Libya welcomed this intention noting that the cooperation between Azerbaijan and Libya in the field of oil and gas will boost development of both countries' economies.

AzMeCo was founded in November 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 created a master plan of investment in the non oil sector of Azerbaijan. The company has constructed a methanol plant which is the single in the South Caucasus and Central Asia.