Baku, Azerbaijan, Oct. 23
By Maksim Tsurkov – Trend:
SOCAR Methanol LLC, the methanol plant of Azerbaijan’s state oil company SOCAR, has completely fulfilled its production plan for 2017, Elnur Mustafayev, head of SOCAR Methanol LLC, said.
He made the remarks Oct. 23 in Baku at an event titled “Industry Development: Support for Processing Spheres” organized by Azerbaijan’s Economy Ministry and SOCAR Methanol LLC.
The company’s production plan for 2017 was 250,000 tons of methanol.
“As much as 95 percent of the manufactured products was exported,” Mustafayev said. “There is great demand for methanol in the world - about 40 million tons [a year]. SOCAR Methanol LLC meets this demand by 0.7 percent. Five percent is sold on the Azerbaijani market to several companies. We hope that after today’s event, the interest for methanol in the country will grow.”
He added that increasing production capacity and reducing the cost of goods are the strategic objectives of the methanol plant.
Production at Azerbaijan’s methanol plant, the only plant of this kind in the South Caucasus and Central Asia, started in January 2014. Currently, 95 percent of its products are exported.
The plant’s maximum annual capacity is 720,000 tons. SOCAR acquired the plant from the Aqrarkredit non-bank credit organization. The plant cost was estimated at $520 million.
Latest
-
Kazakhstan’s Tokayev invites Italian Prime Minister to visit Astana
-
Kazakhstan diving headfirst into world of artificial intelligence development
-
Caucasus Muslims Office receives state finances in Azerbaijan
-
Azerbaijan allocates financial aid to religious structures - decree
-
Abu Dhabi Ports plans major investments in development of Caspian region
-
EIA forecasts drop in global oil prices by 2026
-
Armenian MFA sends note of protest to Russia
-
ICRC reps visit Armenian war criminals detained in Azerbaijan's Baku
-
First political consultations between MFAs of Azerbaijan and Maldives held (PHOTO)
-
Kazakhstan, Germany moot decarbonization strategies and sustainable energy solutions
-
Azerbaijan's average annual inflation rate by end of 2024 announced
-
Tajik entrepreneur plans to build liquefied gas storage facility in Uzbekistan
-
Iran targets solar panels in new building construction
-
China, Azerbaijan hold first round of WTO accession talks
-
Next group of Azerbaijani ex-IDPs back to Shusha, Khojaly cities, Ballija village (PHOTO)
-
Iran's policy involves indirect nuclear talks with US - official
-
Kazatomprom approves updated development strategy for 2025–2034
-
Geneva talks aim to resume nuclear talks between Iran and E3 nations - FM
-
Azerbaijan tallies output volumes at its Azeri-Chirag-Gunashli, Shah Deniz fields by 2025
-
Azerbaijan approves sanitary protection zone of its Dashalti State Nature Reserve (PHOTO)
-
EIA predicts increased U.S. gas demand in 2025
-
Iran deems ratification of remaining FATF conventions beneficial for country – FM
-
President Ilham Aliyev receives Secretary General of Conference on Interaction and Confidence Building Measures in Asia
-
Kazakhstan, ADNOC eye cooperation in digitalization, artificial intelligence
-
Azerbaijan's SOCAR launches subscription process for new green bonds
-
UAE's Masdar keen on using local components for wind turbine production in Kazakhstan
-
Kyrgyzstan discloses number of industrial enterprises launched in 2024
-
Global oil consumption growth slows, non-OECD leads demand - EIA
-
Iran releases currency exchange rates for January 15
-
Ozon, Wildberries plan to open new warehouses in Kazakhstan
-
Kyrgyz ministry extends temporary price regulation on coal
-
Iran's free trade agreement with EAEU set to abolish tariffs - FM
-
EIA forecasts oil output surge as OPEC+ cuts ease
-
Russia's gas exports to Iran set to take center stage in bilateral talks - Iranian FM
-
Uzbekistan, ADB discuss enhanced collaboration in technical regulation
-
Iran asserts no military coalition intentions in strategic co-op agreement with Russia - FM
-
Shymkent oil refinery reveals its oil processing volume for 2024
-
Azerbaijan's Central Bank issues binding instructions to insurance companies
-
Iran, Tajikistan set to sign multiple agreements during presidential visit
-
Azerbaijan ranks among top nations with cheapest gasoline prices
-
Uzbekistan, Lithuanian Girteka plan to establish logistics center
-
Iran’s IRENEX reveals products to be on sale for January 15
-
CNOOC, Shell announce major expansion of petrochemical complex in China
-
Russian analytical agency upgrades Kyrgyzstan’s long-term credit rating
-
Kazakh Tengizchevroil wraps up maintenance operations at Tengiz field
-
Azerbaijani oil prices decrease
-
Kazakh Atyrau oil refinery achieves record output in 2024
-
“SİMA İmza” integrated into 3 more platforms
-
Azerbaijan tallies its gas exports to Europe in 2024
-
Uzbekistan leads Central Asia’s green transition with advanced hydrogen projects - OECD (Exclusive interview)
-
Azerbaijan shares its oil and gas output figures for 2024
-
Azerbaijani currency to world currency rates for January 15
-
Azerbaijani MFA responds to US Embassy's statement
-
UK supports independent probe into AZAL plane crash - minister
-
Azerbaijan's Nakhchivan totalizes its Julfa wind power plant output in 2024
-
Iran discloses volume of trade turnover with Russia
-
Azerbaijan's Nakhchivan sees growth in tax revenues
-
Kyrgyzstan's industrial production increases
-
Uzbekistan reveals its plum export volume in 11M2024
-
Azerbaijan notes growth in soft drinks production nationwide
-
Azerbaijani Prosecutor General's Office bids tender for attraction of car repair services
-
Kazakhstan to see decline in oil output in 2025, recovery expected in 2026 - EIA
-
Iran's Pezeshkian to visit Tajikistan, Russia for key talks
-
Volume of tax revenues to Azerbaijan's state budget announced
-
EIA reveals forecast on Azerbaijan's 2026 oil output
-
U.S. expected to deploy border patrol team in Armenia, Blinken says
-
AMEA Power, Uzbekistan set to expand cooperation in energy and technology sectors
-
Uzbekistan welcomes UAE’s new investments in green energy projects
-
Armenia, U.S. kick off negotiations on nuclear cooperation agreement - FM
-
U.S. and Armenia sign strategic partnership commission charter
-
Kyrgyzstan's trade turnover rises in 11M2024
-
President Tokayev invites Nigeria’s Tinubu to visit Kazakhstan
-
Kazakhstan tightens financial oversight on non-resident bank cards
-
Türkiye reveals value of its textile exports to Kazakhstan in 2024
-
Work to fix technical issue at Shah Deniz ongoing - bp
-
Alstom advances Middle Corridor connectivity with sustainable rail technologies - managing director
-
Iran boosts volume of loans dished out in services sector
-
Türkiye notes growth in automobile exports to Greece
-
Data on Turkish exports of electrical equipment to China revealed
-
Saudi Arabia to host fourth International Media Forum
-
Zourabichvili: Washington’s new pawn in the game for Georgia
-
Türkiye's Gaziantep airport increases passenger traffic
-
Seismological situation in Azerbaijan unfolded
-
Uzbekistan's Uz-Kor Gas Chemical opens tender to purchase construction materials
-
Türkiye counts passenger turnover at its Diyarbakir Airport
-
President of Austria expresses condolences to President Ilham Aliyev
-
Azerbaijani Central Election Commission convenes meeting
-
Türkiye reports increase in passenger traffic at its Van airport
-
Alstom eyes Uzbekistan and Turkmenistan for railway expansion (Exclusive)
-
AD Ports Group expands in Central Asia with new grain terminal in Kazakhstan
-
Uzbekistan, Emirati companies agree to sign roadmap for expanding strategic co-op
-
Equinor expands Norwegian shelf exploration with new licenses
-
Azerbaijan approves Maldives visa-free deal for official and diplomatic passport holders
-
Kazakhstan approves hydroelectric project along its Ugam river
-
Azerbaijani composer jubilates souls in seven German cities with her piece (PHOTO)
-
Azerbaijan unveils number of vehicles handed over for scrapping (PHOTO)
-
Azerbaijan stands as strategic partner for Belarus - ambassador
-
Azerbaijan shows MCGF-run agent banks' domestic mortgage loans
-
Iran's Bahar Azadi gold coin dips in price
-
Yixinou, KTZ Express aim to co-develop container transportation along key routes
-
Azerbaijan's AzInTelecom bids tender for IT equipment purchase
-
Azerbaijani CEC reveals number of accredited observers for municipal election
-
Azerbaijan announces number of polling stations for upcoming municipal election
-
Uzbekistan, UAE agree to expand co-op in generative AI development
-
Kazakhstan leads oil shipments through Caspian Pipeline Consortium in 2024
-
Tajikistan signs agreement with World Bank for digital foundations project
-
Russian FM urges Armenia to resolve issues with its neighbors
-
Azerbaijan's Aghdam Industrial Park launches export of safety footwear
-
Russia's LUKOIL appoints new head to company
-
Uzbekistan, AMEA Power sign agreements for major renewable energy projects
-
Mines in Iran's Ardabil province to resume operations
-
Kyrgyzstan to install smart meters with World Bank's funding
-
Tajikistan's Sughd to host iron processing and production facility
-
Azerbaijan to relocate another group of IDPs to Khojaly city and Ballija village (PHOTO)
-
Uzbekistan to present regional green dev't concept at Central Asia climate conference
-
Russia, Azerbaijan establish working group to address Caspian Sea issues – FM
-
Uzbekistan seeks to harness Central Asia’s renewable energy potential, says President Mirziyoyev
-
Kazakhstan, Azerbaijan's accord helps Uzbekistan export green energy to Europe - president
-
Uzbekistan reveals volume of attracted investments in green energy sector
-
YARAT Contemporary Art Space presents “From Finite to Infinite” exhibition by students of YARAT Contemporary Art School (PHOTO)
-
Kazakhstan's Tokayev calls for accessible green financing at Abu Dhabi Summit
-
President Ilham Aliyev concludes working visit to United Arab Emirates (PHOTO/VIDEO)
-
Decoding of AZAL aircraft black boxes refutes some preliminary media conclusions - Russian FM
-
Saudi Arabia hosts discussions on IsDB’s strategic framework for 2026-2035
-
Moscow values Baku's support for Russia's participation in AZAL jet crash probe – Lavrov
-
Kapital Bank in TIME Magazine: Farid Huseynov’s interview published in a special edition
-
Azerbaijan's ASWRA to purchase wheel excavators for water irrigation projects
-
Russia highly appreciates development of relations with Azerbaijan - FM
-
EIB funds modernization of Spain’s high-speed and conventional railways
-
King of Malaysia sends letter of condolences to President Ilham Aliyev
-
Azerbaijan launches landscaping and improvement activities in Ganja's ecological park
-
KazMunayGas launches large-scale geological exploration projects
-
Russian-Armenian relations stand complicated at present - FM
-
Iran reports drop in Azerbaijani product imports
-
Russia anticipates diplomatic visit from Armenian FM
-
Kazakhstan expects increase in tax revenues by tapping into e-commerce
-
QazaqGaz, ADNOC eye joint gas exploration in Turkmenistan
-
Iran's export of non-oil products to Azerbaijan keeps growing
-
Kazakhstan focuses on Trans-Caspian Transport Route for regional growth
-
Belarus appoints new ambassador to Azerbaijan
-
Chairman of Turkish Grand National Assembly's Foreign Relations Committee offers condolences to President Ilham Aliyev
-
Tokayev highlights nuclear energy as key to Kazakhstan's sustainable future
-
Western Azerbaijan community addresses letters to UN SecGen and High Commissioner for Human Rights
-
Kazakhstan sees growth in gross international reserves in 2024
-
Three AZAL flights diverted to Ganja airport due to fog arrive in Baku
-
Western Azerbaijan community denounces Deutschlandfunk radio's racial discrimination
-
EIB supports sustainable energy transition in Reutlingen with €70M loan
-
Iran discloses wheat sown area size nationwide
-
Demand at Azerbaijani Central Bank's currency auction goes down
-
Kyrgyzstan highlights crucial role of IsDB's new 10-year strategy
-
Azerbaijan tallies VAT refund for consumers nationwide in 2024
-
Iran, Russia discuss upcoming trilateral transport meeting with Azerbaijan
-
Kyrgyzstan records rise in consumer prices and tariffs
-
Kazakhstan sees job growth driven by e-commerce boom
-
Iran increases VAT refunds to exporters
-
EIB backs German food tech startup with €35M loan
-
Turkmenistan to import steel reinforcement bars from Afghanistan
-
Kazakhstan developing network of modern warehouses to boost e-commerce growth
-
Uzbekistan reveals number of foreign capital-run enterprises
-
Iran announces volume of its gold reserves