BAKU, Azerbaijan, Aug. 17
By Nargiz Ismayilova - Trend:
SOCAR Methanol LLC, a subsidiary of the State Oil Company of Azerbaijan (SOCAR), produced 285,800 tons of methanol from January through July 2020, Trend reports citing the State Statistical Committee.
The company’s methanol production increased by 26 percent over the reporting period, compared to the same period of 2019, said the committee.
Stocks of finished products made up 34,800 tons as of August 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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