Azerbaijan gets 42% growth in revenues from methanol exports

In October 2021, Azerbaijan exported methanol worth $11.5 million, $4.6 million, or 66.7% more than in the same month last year, Report informs, referring to the Center for Analysis of Economic Reforms and Communication.

In January-October 2021, the methanol exports from Azerbaijan amounted to $60.2 million, up $17.9 million or 42.3% from the previous year.

Methanol is produced at the Methanol Plant of the State Oil Company of Azerbaijan (SOCAR) in the Garadagh district of Baku. The plant, which was commissioned in 2013, has been operating under the management of SOCAR's subsidiary, SOCAR Methanol LLC, since 2016, and in August 2017 became the property of the company. The plant has the capacity to produce 650,000-700,000 tons of methanol per year. Natural gas and salted water are used as raw materials in production.