Azerbaijan raises revenues from methanol exports by 65%

In November 2021, Azerbaijan exported methanol worth $15.9 million, Report informs, referring to the December issue of the Export Review of the Center for Analysis of Economic Reforms and Communication.

Thus, this is $12.1 million, or 4.2 times more than in the same month last year.

In January-November this year, Azerbaijan exported methanol worth $76.1 million, which is $30 million or 65.07% more than in the first 11 months of 2020.

Methanol is produced at the Methanol Plant of the State Oil Company of Azerbaijan (SOCAR) in the Garadagh district of Baku. The plant, which was commissioned in 2013, has been operating under the management of SOCAR's subsidiary, SOCAR Methanol LLC, 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 salted water are used as raw materials in production.