Azerbaijan’s income from methanol exports up about 88%

In January-October this year, Azerbaijan exported $112.9 million worth of methanol (methyl alcohol), $52.7 million or 87.5% more than the last year, Report informs, citing the Center for Analysis of Economic Reforms and Communication.

In October 2022, Azerbaijan exported $8.9 million worth of methanol (methyl spirit), which is $2.6 million or 22.6% less than in October 2021.

In January-August of this year, the total export of Azerbaijan was $34.7 billion, and the export of the non-oil sector was $2.4 billion.

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.