Azerbaijan decreases income from methanol exports by 32%

Azerbaijan exported $89.9 million worth of methanol (methyl alcohol) in 2023, $42 million, or 31.8%, less than the previous year, Report informs, citing the Center for Analysis of Economic Reforms and Communication.

In the reporting period, Azerbaijan's total exports amounted to $33.9 billion, with the non-oil sector accounting for $3.3 billion (+9.8%).

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, it 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.