Investments in Azerbaijan's oil, gas sector up by 15.2 pct

19 October 2020 16:26 (UTC+04:00)

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By Ayya Lmahamad

The volume of investments in Azerbaijan's oil and gas sector increased by 15.2 percent year-on-year in the period of January-September 2020, State Statistics Committee has reported.

Meanwhile, the volume of funds allocated to the non-oil and gas sector decreased by 14.1 percent during the reporting period.

Moreover, AZN 10.4 billion ($6.1bn) was allocated to fixed assets, which is by 3.8 percent less than in the corresponding period of 2019.

Of this, AZN 6.9 billion ($4.1bn) or 67.1 percent were spent on production areas, AZN 2.4 billion ($1.4bn) or 23.9 percent on service sector and AZN 942.4 million ($554.3M) or 9 percent on construction of residential buildings.

It should be noted that AZN 6.6 billion ($3.8bn) or 63.9 percent of fixed assets were internal funds.

Likewise, AZN 6.6 billion ($3.8bn) was spent for construction and installation works.

Additionally, in the total value of fixed capital investments, funds of enterprises and organizations accounted for 59.9 percent, budget funds for 22.3 percent, bank credits for 6.5 percent, personal funds for 6.1 percent, non budgetary state funds for 1.8 percent and other funds for 3.4 percent.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad