SOCAR Methanol targets to increase domestic market share

Baku. 29 November. REPORT.AZ/ Development plan of SOCAR Methanol LLC, subsidiary of SOCAR, for next 2-3 years includes the increasing of domestic market share.

Report informs, Elnur Mustafayev, Director General of SOCAR Methanol, said at the conference "Caspian and Central Asia Oil Refining and Petrochemicals" in Baku.

"Sale of methanol in domestic market of Azerbaijan and development of this market is one of our strategic goals. Currently, domestic methanol sale makes 5% of production. We are targeting to soar it up to 10%", Mustafayev said.

"Baku Methanol Plant, which operates continuously and safely under the management of SOCAR Methanol LLC, has already produced 265,000 tons of methanol this year", he said.

According to him, $ 35 mln revenue earned from sales: "Methanol export ranks the 5th for the export on non-oil sector. 95% of production is directed to export. The  export is carried out by the SOCAR Marketing and Economic Operations Department. The export is marketed from SOCAR Kulevi oil terminal (Black Sea, Georgia).