Azerbaijan sees decrease in methanol exports

Azerbaijan's methanol exports reached $5.1 million in December last year, Report informs, referring to the January issue of the Export Review of the Center for Analysis and Communication of Economic Reforms.

The figure is $4 million, or 4.6 times more than in the same month of 2019.

In 2020, Azerbaijan exported methanol worth $51.2 million, a drop of $13.4 million, or 20.7 percent from 2019.

Methanol is produced at the plant of the State Oil Company of Azerbaijan (SOCAR), located in the Garadagh district.

The methanol plant was commissioned in 2013, came under the management of SOCAR Methanol LLC in 2016, and became the company's property in August 2017. The maximum productivity of the plant is 650,000-700,000 tons of methanol per year.