Azerbaijan nearly quadruples methanol exports

In July of this year, Azerbaijan exported $10.7 million worth of methanol (methyl alcohol), Report informs, citing the Center for Analysis of Economic Reforms and Communication.

According to the document, it is 0.6 million dollars or 5.3% less than in July last year.

In January-July 2022, Azerbaijan exported $81.3 million worth of methanol (methyl spirit), which is $58.1 million or 3.5 times more than the 7-month figures for 2021.

In the months of January-July of this year, the total export of Azerbaijan was $22.6 billion, and the export of the non-oil sector was $1.7 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 property of the company. 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.