By Trend

Over 62,000 tons of methanol was produced at the SOCAR Methanol LLC, the methanol plant of Azerbaijan’s state oil company SOCAR, in the first quarter of 2019, a source in SOCAR told Trend.

"A total of about 350,000 tons of methanol is planned to be produced this year," the source said. The source noted that last year, the plant produced over 230,000 tons of methanol.

Production of methanol at Azerbaijan’s methanol plant, the only plant of this kind in the South Caucasus and Central Asia, started in January 2014. The annual capacity of the plant is 650,000-700,000 tons.

SOCAR acquired the plant from the Aqrarkredit non-bank credit organization. The plant cost was estimated at $520 million.