Baku, Azerbaijan, Aug. 3
By Azad Hasanli – Trend:
The methanol plant of Azerbaijan’s state oil company SOCAR produced more than 140,000 tons of methanol from the beginning of 2017, said SOCAR Methanol LLC in a statement posted on its website Aug. 3.
According to the statement, SOCAR, on the basis of goods produced at the plant currently, plans to produce new products, labeled “Made in Azerbaijan”, for the final consumer in the near future.
Previously, the company announced that its plans to produce 250,000 tons of methanol at the plant in 2017. Taking into the account the stable growing demand in methanol import to the global markets, one of main goals of SOCAR Methanol is to bring the annual production level up to 500,000 tons.
The methanol plant, which was built by AzMeCo LLC, is one of the biggest investments in Azerbaijan’s non-oil sector. One-of-a-kind for the South Caucasus and Central Asia regions methanol plant has started selling its products in January 2014.
Plant’s annual output capacity is 720,000 tons per year.