SOCAR Methanol, Institute of Petrochemical Processes ink MOU

2 August 2017 12:31 (UTC+04:00)

By Laman Ismayilova

SOCAR Methanol LLC and the Institute of Petrochemical Processes named after Y. Mammadaliyev have signed memo of understanding.

The MOU was signed by Elnur Mustafayev, Director General of SOCAR Methanol LLC and Vagif Abbasov, director of the Institute of Petrochemical Processes named after Y. Mammadaliyev, Azertac reported.

The MOU is said to be implemented in several directions and will provide terms to strengthen and improve cooperation in scientific-practical and production spheres.

The Methanol plant, which was built by AzMeCo, is one of the largest investments in the non-oil 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 Aqrarkredit, to which the plant was transferred in accordance with the decision of the Cabinet of Ministers due to the debt the enterprise had to state organizations. The cost of the plant was estimated at $520 million.

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