SOCAR increases methanol output by over 24% in 2020

A total of 476,000 tons of methanol products were manufactured at the Methanol Plant of the State Oil Company of Azerbaijan (SOCAR) in 2020, Report informs, citing the company’s 2020 annual report published on the website of SOCAR.

Under the report, this is 24.3% more than in 2019. In 2020, the methanol plant has fulfilled 99% of the forecast for production.

During the reporting period, 478,900 tons of methanol products were sold, which is 19.7% more than the previous year. Of this, 469,000 tons fell to share of export and 9,900 tons went to the domestic market, a growth of 3.7% and 20.1% from the previous year, respectively

The main export destinations were Turkey, Italy, Romania, Israel and Spain.