SOCAR Methanol reveals production volume since early 2017

Fri 19 May 2017 19:49 GMT | 23:49 Local Time

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The methanol plant of Azerbaijan’s state-owned company SOCAR produced 56,610 tons of methanol since early 2017, SOCAR Methanol LLC said in a message May 19.

The transfer of the methanol plant, which earlier belonged to AzMeCo methanol production company, to SOCAR in November 2016 helped to restore the production process since January 2017 on the basis of new principles of the plant’s structure and management, reads the message.

“Some 99 percent of the plant’s production volume was exported mainly to Turkey, Western Europe and the Mediterranean countries,” the message said, according to Trend.

The company also said that it continues to analyze the local Azerbaijani market.

The methanol plant was built by AzMeCo company and is one of the largest investments in the non-oil sector of Azerbaijan. The plant, which is the only one in the South Caucasus and Central Asia region, started selling products in January 2014.

The annual capacity of the methanol plant is 720,000 tons.

AzMeCo for the debts was handed over to Aqrarkredit CJSC non-bank credit institution in accordance with a decision of Azerbaijan’s Cabinet of Ministers. (Aqrarkredit CJSC manages the distressed assets of the International Bank of Azerbaijan).

SOCAR acquired the plant from Aqrarkredit CJSC.

The need to transfer AzMeCo to SOCAR arose due to AzMeCo’s debts to the International Bank of Azerbaijan.

The cost of the plant was estimated at $520 million.

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