SOCAR Methanol reveals production plans for 2018

Baku, Azerbaijan, April 25

By Maksim Tsurkov - Trend:

SOCAR Methanol LLC, the methanol plant of Azerbaijan’s state oil company SOCAR, plans to produce 350,000 tons of methanol in 2018, General Director of SOCAR Methanol LLC Elnur Mustafayev said.

He made the remarks at the 3rd SOCAR International Caspian and Central Asia Downstream Forum on Trading, Logistics, Refining and Petrochemicals in Baku April 25.

"Last year, we produced 265,000 tons of methanol, which exceeds the annual plan by 6 percent, and we plan to produce 350,000 tons in 2018, and 500,000 tons of methanol in 2019," Mustafayev said.

He noted that the company's strategic goal is to increase production efficiency up to 90 percent, maintain price competitiveness, increase the share in the domestic market and expand warehouse capacities.

Production of methanol at Azerbaijan’s methanol plant, the only plant of this kind in the South Caucasus and Central Asia, started in January 2014.The plant’s annual capacity is 650,000-700,000 tons.

SOCAR acquired the plant from the Aqrarkredit non-bank credit organization. The plant cost was estimated at $520 million.

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