Investments in Azerbaijan's oil, gas sector up by 8.4 pct in Jan-Nov

14 December 2020 13:45 (UTC+04:00)

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By Ayya Lmahamad

The volume of investments on Azerbaijan's oil and gas sector in Azerbaijan increased by 8.4 percent during the period of January-November 2020, the State Statistics Committee has reported.

However, the volume of investments into the non-oil and gas sector in the country decreased by 11 percent during the reported period.

Moreover, AZN 12.7 billion ($7.4bn) was directed to fixed assets, which is by 4 percent less than in the corresponding period of 2019. Of this, AZN 8.3 billion ($4.8bn) or 65.9 percent was spent on production areas, AZN 3.1 billion ($1.8bn) or 25 percent on service areas and AZN 1.1 billion ($647M) or 9.1 percent on the construction of residential buildings.

Some AZN 8.1 billion ($4.7bn) or 63.9 percent of fixed assets were internal funds.

It should be noted that AZN 7.9 billion ($4.6bn) or 62.6 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 57.9 percent, budget funds for 24.2 percent, bank credits for 6.8 percent, personal funds for 6.2 percent, non-budgetary state funds for 1.6 percent and other funds for 3.3 percent.

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