Azerbaijan's revenues from methanol exports soar by 76%

In December 2021, Azerbaijan exported methanol (methyl alcohol) for $13.9 million, Report informs, citing the Export Review of the Center for Economic Reforms Analysis and Communication.

According to the review, this figure is $8.8 million or 2.7 times more than in the same month of 2020.

In 2021, Azerbaijan exported $90.1 million worth of methanol, $38.9 million or 76% more than in 2020.

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