SOCAR Methanol reveals production results since early 2017
Baku, Azerbaijan, Sept. 6
By Maksim Tsurkov – Trend:
The methanol plant of Azerbaijan’s state oil company SOCAR produced 186,000 tons of methanol since the beginning of 2017, SOCAR Methanol LLC said in a message Sept. 6.
According to the message, the transfer of the methanol plant to SOCAR in November 2016 helped to restore the production process.
“More than 90 percent of the output was exported,” said SOCAR Methanol.
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, the methanol plant started selling its products in January 2014.
The plant’s annual output capacity is 720,000 tons per year.
AzMeCo for its outstanding debts was handed over to Aqrarkredit CJSC non-bank credit institution in accordance with a decision of Azerbaijan’s Cabinet of Ministers.
The methanol plant acquired by SOCAR costs $520 million.