27 Sep 2018 18:54

SOCAR in talks to build methanol plant in Russia

BAKU. Sept 27 (Interfax) - The State Oil Company of the Azerbaijani Republic (SOCAR) is in talks to build a methanol plant in Russia, the company's marketing chief, Adnan Ahmedzade, told reporters.

"Talks are being held with Russia on building a methanol plant there," he told Interfax, without saying precisely who SOCAR was discussing this with.

SOCAR owns a methanol plant in Baku's Qaradag district, built by AzMeCo for around $500 million. The plant has a production capacity of 720,000 tonnes of methanol spirit per year.

SOCAR acquired the plant for 810 million manat from CJSC Agrarkredit, to which International Bank of Azerbaijan had transferred control under a court ruling.

SOCAR Methanol LLC plans to produce 350,000 tonnes of methanol in 2018, up from 265,000 tonnes in 2017.