TODAY.AZ / Business

“Azerbaijan should forget about oil factor in economy”

23 October 2017 [13:41] - TODAY.AZ

By  Trend

Azerbaijan should forget about oil factor in the economy, the country’s Deputy Economy Minister Niyazi Safarov said.

He made the remarks on October 23 in Baku at an event titled “Industry Development: Support for Processing Spheres” organized by Azerbaijan’s Economy Ministry and SOCAR Methanol LLC.

He said that the processing sphere is one of the most important for the further development of Azerbaijan’s industry.

“This sphere is well diversified,” Safarov said. “Industrial zones, parks and territories, where special attention is paid to processing facilities, are being created.”

He noted that in modern conditions, Azerbaijan should develop industrial production.

“From this point of view, SOCAR Methanol LLC is an important company with significant export potential and it is possible to create a real industrial cluster around it,” he added.

Production at Azerbaijan’s methanol plant, the only plant of this kind in the South Caucasus and Central Asia, started in January 2014. Currently, 95 percent of its products are exported.

The plant’s maximum annual capacity is 720,000 tons. SOCAR acquired the plant from the Aqrarkredit non-bank credit organization. The plant cost was estimated at $520 million.


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