Azerbaijan decreases income from methanol exports by 42%

Azerbaijan exported $21.5 million worth of methanol (methyl alcohol) in January - March 2023, $15.6 million or 42.1% less than the previous year, Report informs, citing the Center for Analysis of Economic Reforms and Communication.

In the reporting period, exports of Azerbaijan totaled $7.7 billion, and the export of the non-oil sector was $912.2 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.