SOCAR discloses cost of methanol plant

By  Trend

The methanol plant acquired by Azerbaijan’s state oil company SOCAR cost 810 million manat, according to a consolidated financial statement for 2016 posted on SOCAR's website.

The consolidated financial statement was audited by Ernst & Young LLP.

According to the report, SOCAR signed an agreement on the acquisition of assets for the production of the methanol plant in the amount of 810 million manat.

According to the agreement, SOCAR made an advance payment in the amount of 394 million manat.

AzMeCo for the debts was handed over to Aqrarkredit CJSC non-bank credit institution in accordance with a decision of Azerbaijan’s Cabinet of Ministers. (Aqrarkredit CJSC manages the distressed assets of the International Bank of Azerbaijan).

The annual capacity of the methanol plant, earlier owned by AzMeCo, is 720,000 tons.