Azerbaijan's SOCAR subsidiary boosts methanol production
BAKU, Azerbaijan, May 22
By Nargiz Ismayilova – Trend:
Some 161,100 tons of methanol were produced in Azerbaijan from January through April 2020, Trend reports referring to the State Statistical Committee’s data.
According to the data, methanol production increased by 67.6 percent compared to the same period of last year.
The reserves of finished products as of May 1, 2020, amounted to 33,400 tons.
Methanol is produced in the country by SOCAR Methanol LLC, the subsidiary of the State Oil Company of Azerbaijan (SOCAR).
SOCAR Methanol forecasts to produce methanol in the volume of 480,000 tons in 2020. In 2019, the plant produced methanol in the volume of 383,000 tons.
The plant is the only producer of methanol in the South Caucasus and Central Asia, which began to sell its products in January 2014.
The plant’s annual capacity is 650,000-700,000 tons. SOCAR acquired the plant from the Aqrarkredit Closed Joint-Stock Non-Banking Credit Organization.
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