TODAY.AZ / Business

SOCAR Methanol, SOCAR Polymer sign MoU

13 July 2017 [15:41] - TODAY.AZ

By Azernews


By Sara Israfilbayova

SOCAR Methanol and SOCAR Polymer signed a Memorandum of Understanding (MoU) on the exchange of information on internships.

Both subsidiaries of Azerbaijan’s energy giant SOCAR have started to cooperate, in order to create conditions for the development of a new generation and to bring out young specialists, Azertac reported.

Under the document, talented young people, who will participate in Summer Internship Program 2017, organized by SOCAR Polymer, will be invited to practice at SOCAR Methanol.

Some trainees, on the basis of individual results, will have the opportunity to obtain a permanent job in SOCAR Methanol.

SOCAR Polymer is the first public-private partnership in Azerbaijan’s oil and gas sector, which was incorporated on July 16, 2013 in order to reinforce development of chemical industry of the country. 

The company is a resident of the Sumgait Chemical Industry Park.

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.

SOCAR includes such production associations as Azneft (the enterprises producing oil and gas onshore and offshore), Azerikimya (the chemical enterprises) and Azerigas (distributor of gas produced in the country), as well as oil and gas processing plants, service companies, and the facilities involved in geophysical and drilling operations.

URL: http://www.today.az/news/business/163145.html

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