Azernews.Az

By Sara Israfilbayova

The Methanol Plant of Azerbaijan’s state oil company SOCAR produced 70,200 tons of methanol in January-May 2017, SOCAR Methanol LLC reported.

The average daily production at the plant amounted to 1,257 tons of methanol in May-April, with an enterprise capacity of about 2,000 tons.

Methanol is an important chemical. Due to the continuing increase in demand, it is planned to increase production capacity.

The methanol plant, which was built by AzMeCo, is one of the largest investments in the non-oil sector of Azerbaijan. The only methanol producing plant in the South Caucasus and Central Asian region has started sales since January 2014.

The annual capacity of the methanol plant is 720,000 tons.

SOCAR purchased the plant from a non-bank credit organization Aqrarkredit, to which the plant was transferred in accordance with the decision of the Cabinet of Ministers due to the debt the enterprise had to state organizations. The cost of the plant was estimated at $520 million.

SOCAR is 100 percent owned by the government of Azerbaijan. SOCAR participates in joint ventures (including ventures in Georgia and Turkey), consortia, and operating companies established with SOCAR’s participation.

---

Follow us on Twitter @AzerNewsAz