Azerbaijan increases income from methanol exports by 46% in 2022

Azerbaijan exported $131.9 million worth of methanol (methyl alcohol) in 2022, $41.8 million or 46.4% more than the previous year, Report informs, citing the Center for Analysis of Economic Reforms and Communication.

In December 2022, Azerbaijan exported $11.2 million worth of methanol (methyl spirit), which is $2.7 million or 19.4% less than in December 2021.

In 2022, the exports of Azerbaijan totaled $38.1 billion, and the export of the non-oil sector was $3.05 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.