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Baku, Azerbaijan, April 25
By Maksim Tsurkov - Trend:
SOCAR Methanol LLC, the methanol plant of Azerbaijan’s state oil company SOCAR, intends to expand its product line, General Director of SOCAR Methanol LLC Elnur Mustafayev said.
He made the remarks at the 3rd SOCAR International Caspian and Central Asia Downstream Forum on Trading, Logistics, Refining and Petrochemicals in Baku April 25.
“SOCAR Methanol produces technical and analytical methanol,” Mustafayev said. “We want to expand the product line in order to create additional added value in the short term. We plan to produce methanol that can be used as motor fuel and formaldehyde.”
He noted that methanol can be used by cars and vessels as motor fuel.
“In 2020, the rules regulating the reduction of emissions of harmful substances by vessels will come into force,” Mustafayev said. “These restrictions will affect vessels operating on diesel fuel. In this regard, transition to methanol as motor fuel is more appropriate, and it will require less money to adjust the engine to work using methanol rather than liquefied natural gas (LNG).”
He noted that the possibility of setting up transportable formaldehyde production at the SOCAR Methanol LLC is also being considered, and negotiations are underway to prepare the feasibility study of the project.
“We expect to get specific results during 2018,” Mustafayev added.
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 plant’s annual capacity 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.
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