Major events in Caspian countries' oil and gas industry for last week (Oct. 19-23)
World methanol prices decline causes suspension of gas purchases from Russia
Azerbaijani company AzMeCo has suspended the purchase of gas for methanol plant from the Russian company Gazprom.
"Due to the fact that the world prices for methanol decreased, the purchase of gas from Gazprom at the current price has become unprofitable for the company," said AzMeCo. "As a result, it was decided to suspend the purchase of gas, as methanol production is unprofitable under existing conditions."
Azerbaijan Methanol Company (AzMeCo) planned to purchase up to 2 billion cubic meters of gas per year from Russia's Gazprom Export LLC.
SOCAR signs contract as part of Baku refinery modernization
SOCAR (State Oil Company of Azerbaijan) and Austrian Pörner Group have signed a contract for the construction of a bitumen unit as part of the modernization of the Heydar Aliyev Baku Oil Refinery.
While speaking at the event, SOCAR President Rovnag Abdullayev said that it is planned to increase the processing capacity of the refinery and establish the production of high-quality oil products meeting the Euro-5 standard in a short period of time as part of the reconstruction and modernization of the Heydar Aliyev oil refinery.
"It is planned to reconstruct the primary processing, catalytic cracking, catalytic reforming and factory-wide units, as well as to construct several new units," Abdullayev said.