SOCAR Methanol expected to undergo overhaul in 2020
Baku, Azerbaijan, Oct.21
By Leman Zeynalova – Trend:
SOCAR Methanol is expected to undergo overhaul in 2020, Ibrahim Ahmadov, deputy head of the public relations and events department at Azerbaijan’s state oil company SOCAR, told Trend.
“It is planned to overhaul the plant in 2020, to replace some equipment, which alongside with other repair works will allow to increase the production volume,” he said.
As for the current production, Ahmadov noted that SOCAR has produced more than 314,000 tons of methanol in the first nine months of 2019, which is expected to reach 360,000 tons as of 2019.
The export geography of SOCAR Methanol is quite large, with exports to Black Sea, Mediterranean Sea, Atlantic Ocean and Pacific Ocean regions, he added.
The export markets are determined depending on the competibility of prices set by certain buyers, Ahmadov explained.
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. The cost of the plant was estimated at $520 million.
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