By the end of the year, there are plans to produce 350,000 tons of methanol at the SOCAR Methanol plant in Azerbaijan, a source in Azerbaijan’s state oil company SOCAR told Trend.

The source noted that about 230,000 tons of methanol were produced last year and, according to the forecast, these figures will grow every year.

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.