Investments in Azerbaijan's oil, gas sector up by 11.7 pct in Jan-Oct

16 November 2020 15:10 (UTC+04:00)

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By Ayya Lmahamad

The volume of investments into the oil and gas sector in Azerbaijan increased by 11.7 percent in January-October 2020, the State Statistics Committee has reported.

In the meantime, the volume of funds directed to the non-oil and gas sector decreased by 9.9 percent during the reported period.

Moreover, AZN 11.5 billion ($6.7bn) was directed to fixed assets, which is by 2.1 percent less than in the corresponding period of 2019.

Of this, AZN 7.5 billion ($4.4bn) or 65.8 percent was spent on production areas, AZN 2.8 billion ($1.6bn) or 25 percent on the service sector, AZN 1 billion ($588.2M) or 9.2 percent on the construction of residential buildings.

Likewise, AZN 7.3 billion ($4.2bn) or 64 percent of fixed assets were internal funds.

It should be noted that AZN 7.2 billion ($4.2bn) or 63.1 percent of the funds directed to the fixed capital was spent for construction and installation works.

Additionally, in the total value of fixed capital investments, funds of enterprises and organizations accounted for 58.3 percent, budget funds for 24.1 percent, bank credits for 6.4 percent, personal funds for 6.1 percent, non-budgetary state funds for 1.7 percent and other funds for 3.4 percent.

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