Methanol Plant re­veals out­put vol­umes

Azer News - - Business - By Sara Is­rafil­bay­ova

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.

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