Azerbaijan’s SOCAR Methanol exports almost all methanol produce
Baku, Azerbaijan, Aug. 21
By Sara Israfilbayova – Trend:
Some 98 percent of products manufactured at Azerbaijan’s SOCAR Methanol plant were exported, Trend reports referring to Azerbaijan’s state-owned SOCAR company.
It was noted that the products are mainly exported to Turkey, Romania, Italy, Slovenia, Israel and Egypt.
The company stated earlier that it is planned to produce 360,000 tons of product by the end of the year.
SOCAR Methanol, the sole of its kind in the South Caucasus and Central Asia, started sales of its products in January 2014.
The plant’s capacity is 650,000-700,000 tons of products per year.
SOCAR acquired the plant from Aqrarkredit non-bank credit organization [which also manages the troubled assets of the International Bank of Azerbaijan], to which the plant was transferred by decision of the Azerbaijani Cabinet of Ministers as a debt to state organizations. The cost of the plant was estimated at $520 million.
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