BAKU, Azerbaijan, July 21
By Nargiz Ismayilova - Trend:
SOCAR Methanol LLC, a subsidiary of the State Oil Company of Azerbaijan (SOCAR), produced 243,800 tons of methanol from January through June 2020, Trend reports citing the State Statistical Committee.
According to the committee, the methanol production increased by 33.2 percent compared to the same period in 2019.
Stocks of finished products amounted to 30,900 tons as of July 1, 2020.
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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