Investments in Azerbaijan’s oil, gas sector decline in January

12 February 2021 11:45 (UTC+04:00)

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By Ayya Lmahamad

The volume of investments in Azerbaijan’s oil and gas sector decreased by 15.1 percent in January, the State Statistics Committee has reported.

In the meantime, investments in the non-oil and gas sector in the country decreased by 38.8 percent.

In the reported period, AZN 724 million ($425.8M) was directed to fixed capital, which is by 27.5 percent less than in the corresponding period of 2019. Of this, AZN 583 million ($342.9M) or 80.5 percent was spent on production areas, AZN 80.7 million ($47.4M) or 11.2 percent on service areas and AZN 60.3 million ($35.4M) or 8.3 percent on the construction of residential buildings.

Furthermore, AZN 377.5 million ($222M) or 52.1 percent of fixed assets were internal funds.

Some AZN 631.3 million ($371.3M) or 87.2 percent of the funds directed to the fixed capital was spent for construction and installation works.

Moreover, in the total value of fixed capital investments, funds of enterprises and organizations accounted for 71.7 percent, bank credits for 16.3 percent, personal funds for 8.5 percent, budget funds for 2.7 percent, non-budgetary state funds for 2.7 percent and other funds for 0.8 percent.

It should be noted that investments in the country’s oil and gas sector increased by 0.3 percent in 2020. Meanwhile, investments in the non-oil and gas sector in the country decreased by 12.3 percent.

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