SOCAR Methanol to double production capacity

Baku. 22 June. REPORT.AZ/ Methanol Plant of the State Oil Company of Azerbaijan Republic (SOCAR) plans to reach annual production capacity to 500,000 tons in 2019.

Report informs citing Russian media, Elnur Mustafayev, Director General of SOCAR Methanol LLC said at the "Methanol 2017" conference in Moscow.

He noted that 80,000 tons of methanol have been produced at the plant since resumption of production: "This year, the plant plans to produce 250,000 tons of methanol. Design capacity of the methanol plant makes 650-700 thousand tons per year. Forecasted increase in gas production in Azerbaijan in 2019 will also allow substantial increase in the production of the plant. Major repairs will be carried out in the plant this year for this purpose. In the future, the company plans to carry out preventive works not every year but every two years".

The Director General also emphasized importance of rising local market share to 10-15%. At present, share of the domestic market in total sales of methanol is 5%.

Notably, the Metanol Plant, which management handed over to SOCAR Methanol since November 2016, has restored the production process based on new structure and management principles since January.