Azerbaijan decreases income from methanol exports by 39%

Azerbaijan exported $31 million worth of methanol (methyl alcohol) in January - April 2023, $19.6 million or 38.7% less than the previous year, Report informs, citing the Center for Analysis of Economic Reforms and Communication.

In April of this year, Azerbaijan exported methanol (methyl alcohol) worth $9.5 million, $4.1 million or 30.1% less compared to April 2022.

In the reporting period, Azerbaijan's total exports amounted to $12.6 billion, with the non-oil sector accounting for $1.2 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.