Methanol Plant reveals output volumes
The Methanol Plant of the Azerbaijani state oil company SOCAR has produced more than 186,000 tons of methanol since early 2017.
Thus, the plant produced 75 percent of the forecasted output for the year by September 2017.
Earlier, the company reported that it plans to produce 250,000 tons of methanol in 2017. Considering the stable growth of demand for methanol imports in the world market, one of the main goals of SOCAR Methanol is to bring the production up to 500,000 tons per year.
The Methanol Plant is one of the largest investments in the nonoil sector of Azerbaijan. The only methanol producing plant in the South Caucasus and Central Asian region has started sales since January 2014.
The annual capacity of the methanol plant is 720,000 tons.
SOCAR purchased the plant from a non-bank credit organization for 810 million manats ($476.2).
SOCAR is a wholly state-owned national oil company headquartered in Baku, Azerbaijan. The company produces oil and natural gas from onshore and offshore fields in the Azerbaijani section of the Caspian Sea.
Currently, SOCAR is the only producer of petroleum products in the country, and operates more than 370 petrol stations in Switzerland, Georgia, Romania and Ukraine.
The company includes such production associations as Azneft (the enterprises producing oil and gas onshore and offshore), Azerikimya (the chemical enterprises) and Azerigas (distributor of gas produced in the country), as well as oil and gas processing plants, service companies, and the facilities involved in geophysical and drilling operations.