SOCAR's subsidiary reveals eight-month methanol export figures

Oil&Gas Materials 15 September 2020 11:22 (UTC +04:00)
SOCAR's subsidiary reveals eight-month methanol export figures

BAKU, Azerbaijan, Sept.15

By Fidan Babayeva - Trend:

SOCAR Methanol LLC, a subsidiary of the State Oil Company of Azerbaijan (SOCAR), exported over 30.1 million tons of methanol from January through August 2020, Trend reports citing the State Statistical Committee.

During the reporting period, the company exported 301,220 tons of methyl alcohol, said the committee.

At the same time, the share of methanol in Azerbaijan's export in the non-oil sector amounted to 2.61 percent, and in the total export volume - 0.3 percent.

The production of methanol in Azerbaijan is carried out only by SOCAR Methanol LLC.

SOCAR Methanol plans to produce methanol in the volume of 480,000 tons in 2020. In 2019, the plant produced 383,000 tons of methanol.

The plant is the only producer of methanol in the South Caucasus and Central Asia, and it began to sell its products in January 2014.

The plant’s annual capacity is 650,000-700,000 tons. SOCAR acquired the plant from the Aqrarkredit Closed Joint-Stock Non-Banking Credit Organization, which was transferred by the decision of Azerbaijan’s Cabinet of Ministers because of a debt before state organizations. The plant’s estimated cost was $520 million.


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