Azerbaijan decreases income from methanol exports by 29% in January 2022

Azerbaijan exported $8.4 million worth of methanol (methyl alcohol) in January 2023, $3.5 million or 29.4% less than the previous year, Report informs, citing the Center for Analysis of Economic Reforms and Communication.

In the reporting period, the exports of Azerbaijan totaled $1.9 billion, and the export of the non-oil sector was $284.5 million.

The methanol plant was commissioned in 2013. The plant has been operating under SOCAR Methanol LLC, a subsidiary of SOCAR, since 2016, and in August 2017 became the company's property. The plant has the capacity to produce 650,000-700,000 tons of methanol per year. Natural gas and saltwater are used as raw materials in production.