Azernews.Az

By Aynur Karimova

Gas supplies to Azerbaijan's methanol production plant AzMeCo Company by Russia’s Gazprom Export LLC will start on September 20-21.

This was announced by President of Azerbaijan's state energy giant SOCAR Rovnag Abdullayev on September 14.

He told journalists that each year AzMeCo will purchase up to 2 billion cubic meters of gas from Gazprom Export LLC.

The natural gas supply will ensure the guaranteed loading of 100 percent of facilities of AzMeCo methanol plant in Garadagh.

AzMeCo Company and Gazprom Export LLC signed an agreement on purchase of gas on September 11.

The agreement was signed in Baku in the presence of Gazprom Deputy Chairman of the Board Alexander Medvedev, Deputy President of Azerbaijan's state energy company SOCAR on Marketing and Investment Elshad Nasirov, Director General of Gazprom export Elena Burmistrova and Chairman of the Board of AzMeCo Nizami Piriyev.

"This is a medium-term agreement on purchase and sale of gas in a volume of up to 2 billion cubic meters a year. Natural gas supplies will provide a guaranteed load of 100 percent of capacity of the Garadagh methanol plant. Gas supplies to the end users in Azerbaijan are planned to start soon," Gazprom reported.

Currently, Gazprom has a contract (with the possibility of extension) on purchasing Azerbaijani gas signed October 14, 2009. The contract between SOCAR and Russia’s Gazprom allows for suspending and resuming gas supplies at any time.

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 investments in the non-oil sector of Azerbaijan.

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Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova

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