SOCAR may acquire AzMeCo until late 2016

SOCAR may acquire AzMeCo until late 2016

Baku, Azerbaijan, Sept. 15

By Maksim Tsurkov – Trend:

Azerbaijani state oil company SOCAR may acquire the country’s AzMeCo methanol production company until late 2016, SOCAR Vice President for economic issues Suleyman Gasimov told reporters Sept. 15.

He said that the court's decision is currently expected, according to which AzMeCo for the debts will be handed over to Aqrarkredit CJSC non-banking credit organization. (Aqrarkredit CJSC manages the distressed assets of the International Bank of Azerbaijan).

The need to transfer AzMeCo to SOCAR arose due to AzMeCo’s debts to the other state-owned company, the International Bank of Azerbaijan. Thus, Azerbaijan plans to cover the debt of the Azerenergy national energy operator to SOCAR in the amount of 344 million manats.

“The transfer process continues,” Gasimov said. “SOCAR has established a non-legal entity “Methanol plant” and is awaiting the court’s decision. The plant may come under the control of SOCAR by late 2016.”

Gasimov noted that the value of the asset [AzMeCo] has been determined, however, he didn’t mention the exact amount.

He said that the sale of this asset to SOCAR will be managed by Aqrarkredit through an auction.

Gasimov said earlier that when AzMeCo is transferred to the balance of the SOCAR company, a unified chain of production will be introduced, which will increase the efficiency of the enterprise.

“The plant will be also working on our gas,” said Gasimov.

AzMeCo methanol production company is one of the largest investments in non-oil sector of the country. For the first time in Azerbaijan, the company received methanol after processing natural gas as raw material.

The main buyer of methanol produced at the AzMeCo plant is British company BP. During the mentioned period, the Georgian port of Kulevi was used mainly in the methanol supply chain. In addition, it should be emphasized that the AzMeCo has introduced innovations in the field of sale and transportation of methanol. For the first time transportation of methanol through the Volga-Don canal was carried out, and the large-scale loading of methanol was first held at the ports of Poti and Kulevi.

Methanol is exported to Turkey, Romania, Slovenia, the Netherlands and Belgium.

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Follow the author on Twitter: @MaksimTsurkov

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