Baku, Azerbaijan, June 5
By Maksim Tsurkov – Trend:
SOCAR Methanol LLC, the methanol plant of Azerbaijan’s state oil company SOCAR, said in a message June 5 that it produced 70,250 tons of methanol since early 2017.
The company was able to optimize production site at the plant in a short time to ensure an uninterrupted production process, according to the message.
“Given that the demand for methanol is constantly growing, it is planned to increase the plant’s production capacity in the future,” said the message.
The methanol plant was built by AzMeCo company and is one of the largest investments in the non-oil sector of Azerbaijan. The plant, which is the only one in the South Caucasus and Central Asia region, started selling products in January 2014.
The annual capacity of the methanol plant is 720,000 tons.
AzMeCo for the debts was handed over to Aqrarkredit CJSC non-bank credit institution in accordance with a decision of Azerbaijan’s Cabinet of Ministers. (Aqrarkredit CJSC manages the distressed assets of the International Bank of Azerbaijan).
SOCAR acquired the plant from Aqrarkredit CJSC.
The need to transfer AzMeCo to SOCAR arose due to AzMeCo’s debts to the International Bank of Azerbaijan.
The cost of the plant was estimated at $520 million.