Azeri methanol firm to raise $1bn through bonds

A petrochemical company in Azerbaijan has announced plans to raise $1 billion (£0.6bn) through bonds in London. Azerbaijan Methanol Company (AzMeCo) supplies methanol to customers worldwide, including 180,000 tonnes a year […]

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A petrochemical company in Azerbaijan has announced plans to raise $1 billion (£0.6bn) through bonds in London.

Azerbaijan Methanol Company (AzMeCo) supplies methanol to customers worldwide, including 180,000 tonnes a year marketed globally by BP Chemicals.

The company’s financial adviser, Highgrove Securities LLP, said the securities will be offered to investors in a private placement.

However, they might be traded publicly at London Stock Exchange in the future.

CEO Nasib Piriyev said: “We have now finalised our agreements with international investors for refinancing the capital of Azerbaijan Methanol Company LLC.

“The amount raised in London will be used to support continuing growth of the business and repay our outstanding loan from the International Bank of Azerbaijan (IBA).”

AzMeCo’s biggest plant was commissioned in 2014 and has a capacity of 700,000 metric tonnes.