The Azerbaijan Methanol Company (AzMeCo) has announced plans to invest in the construction and development of petrochemical and oil refinery plants in Libya, marking a significant step in expanding its international presence in the energy sector.

According to the Libyan National Oil Company, the matter was discussed during a recent meeting between Libyan Oil and Gas Minister Abdel Bari Ali Al-Arousi and AzMeCo Chairman of the Board, Nizami Piriyev. During the talks, Mr. Piriyev expressed AzMeCo’s strong interest in participating in Libya’s oil and gas industry, particularly in pursuing joint development projects with Libyan counterparts.

In response, Minister Al-Arousi welcomed AzMeCo’s initiative and encouraged Azerbaijani companies to participate in upcoming tenders across various sectors, with a focus on the oil and gas industry.

This development follows a statement made in March 2013 by Azerbaijan’s Ambassador to Libya, Aghaselim Shukurov, who confirmed Azerbaijan’s growing interest in Libya’s hydrocarbon sector. He emphasized that Azerbaijani companies are eager to engage in exploration and drilling operations within Libyan oil fields.

Libya has expressed enthusiasm for this collaboration, noting that increased energy cooperation between the two countries has the potential to contribute significantly to the economic growth of both nations.