Baku, Azerbaijan, July 9
By Maksim Tsurkov – Trend:
The methanol plant of Azerbaijan’s state oil company SOCAR produced 100,850 tons of methanol in January-June 2017, SOCAR Methanol LLC said in a message posted on its official website.
"In total, the plant plans to produce 250,000 tons of methanol in 2017," the message said.
Taking into account the stable growth of demand for methanol in the world market, one of SOCAR Methanol’s main goals is to bring the production up to 500,000 tons per year.
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).
The methanol plant acquired by SOCAR costs 810 million manat.
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