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Investments to oil, gas sector in Azerbaijan up by 22,9 pct

13 August 2020 15:38 (UTC+04:00)
Investments to oil, gas sector in Azerbaijan up by 22,9 pct

By Ayya Lmahamad

The volume of investments in Azerbaijan's oil and gas sector increased by 22,9 percent in January-July in 2020, the State Statistics Committee reported on August 13.

According to the statement, the volume of funds directed to non-oil and gas sector decreased by 9.6 percent during the reporting period.

Moreover, AZN 7.5 billion ($4.4bn) was directed to fixed assets in the first seven months of the year, which is by 2.6 percent more than in the corresponding period of 2019.

AZN 5.1 billion ($2.9bn) or 67.3 percent of used funds were spent on production, AZN 1.7billion ($999.9M) or 23 percent were used on services and AZN 737.7 million ($433.9M) or 9.7 percent on housing construction. In addition, AZN 4.6 billion ($2.7bn) or 61.8 percent of the funds directed to fixed assets were spent on domestic funds, and AZN 4.7 billion ($2.7bn) or 62 percent was spent for construction and installation works.

Likewise, in the total value of fixed capital investments, enterprises' and organizations' funds accounted for 59.7 percent, budget funds for 22 percent, bank credits for 6.2 percent, personal funds for 5.8 percent, other funds - 4.2 percent. Extra budgetary public funds amounted to 2.1 percent.

Furthermore, during the reporting period, industrial and individual enterprises produced AZN 21.6 billion ($12.7bn) of industrial products, which is by 2.7 percent less than in the same period in 2019. Decline was due to 4.3 percent decrease in oil and gas sector production. At the same time production in non-oil sector increased by 13 percent.

Mining sector produced 61 percent of industrial production, manufacturing sector 32.7 percent, production, distribution and supply of electricity, gas and steam 5.5 percent, and water, waste treatment and recycling sector 0.8 percent.

At the same time, commercial oil production in the mining sector decreased by 6.5 percent, as well as sector of water supply, waste treatment and disposal decreased by 0.5 percent. While, commercial gas production increased by 13.3 percent and sector of production, distribution and supply of electricity, gas and steam increased by 11.8 percent.

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