(MENAFN- Trend News Agency ) Details added (first version posted on 12:01)
Baku, Azerbaijan, Oct. 23
By Maksim Tsurkov – Trend:
SOCAR Methanol LLC, the methanol plant of Azerbaijan's state oil company SOCAR, has completely fulfilled its production plan for 2017, Elnur Mustafayev, head of SOCAR Methanol LLC, said.
He made the remarks Oct. 23 in Baku at an event titled 'Industry Development: Support for Processing Spheres' organized by Azerbaijan's Economy Ministry and SOCAR Methanol LLC.
The company's production plan for 2017 was 250,000 tons of methanol.
'As much as 95 percent of the manufactured products was exported,' Mustafayev said. 'There is great demand for methanol in the world - about 40 million tons [a year]. SOCAR Methanol LLC meets this demand by 0.7 percent. Five percent is sold on the Azerbaijani market to several companies. We hope that after today's event, the interest for methanol in the country will grow.'
He added that increasing production capacity and reducing the cost of goods are the strategic objectives of the methanol plant.
Production at Azerbaijan's methanol plant, the only plant of this kind in the South Caucasus and Central Asia, started in January 2014. Currently, 95 percent of its products are exported.
The plant's maximum annual capacity is 720,000 tons. SOCAR acquired the plant from the Aqrarkredit non-bank credit organization. The plant cost was estimated at $520 million.
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