BAKU, Azerbaijan, Nov. 16
By Fidan Babayeva – Trend:
Azerbaijan exported methanol worth $42.3 million from January through October 2020, Trend reports on Nov. 16 citing the statistics report of the Azerbaijani State Statistics Committee.
During the reporting period, Azerbaijan exported 403,007 tons of methyl alcohol, said the committee.
At the same time, the share of methanol in Azerbaijan's export in the non-oil sector amounted to 2.93 percent while in the total export volume - 0.35 percent.
SOCAR Methanol LLC produces methanol in Azerbaijan.
SOCAR Methanol plans to produce methanol in a volume of 480,000 tons in 2020. The plant produced 383,000 tons of methanol in 2019.
The plant is the only producer of methanol in the South Caucasus and Central Asia, and it began to sell its products in January 2014.
The annual capacity of the plant is 650,000-700,000 tons. SOCAR acquired the plant from the Aqrarkredit Closed Joint-Stock Non-Banking Credit Organization, which was transferred by the decision of Azerbaijan’s Cabinet of Ministers because of debt before state organizations. The estimated cost of the plant was $520 million.
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