Azerbaijani oil company to build methanol plant in Russia

Azerbaijani oil company to build methanol plant in Russia
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Azerbaijani state oil company SOCAR is considering the possibility of building a methanol production facility in Russia, AzerNews reports.

Such statement was made by SOCAR Polymer CEO Farid Jafarov at the 9th Azerbaijan-Russia Interregional Forum.

“Negotiations are being held with the Russian company on the establishment of a methanol production plant in Russia. This is about a large-scale production. Our company intends to build up the experience of SOCAR Polymer”, Jafarov said. He added that the project could become profitable and competitive due to the attractive price for gas in Russia. Russian raw materials are to be applied in the production at the enterprise.

Executive Chairman of SOCAR Trading Adnan Ahmadzade said that the company was also negotiating an extension of the agreement on the purchase of Russian oil from the Korchaginskoye field for its further delivery to international markets.

“For five years, Russian oil has been delivered from the Korchaginskoye field through the Baku-Ceyhan oil pipeline. About two million tons are supplied annually. However, the contract will expire soon and we are negotiating on its extension”, Ahmadzade explained.