Investments in Azerbaijan’s oil, gas sector drop in Jan-Feb
By Ayya Lmahamad
The volume of investments in Azerbaijan’s oil and gas sector decreased by 13.5 percent in January-February 2021, the State Statistics Committee has reported.
Investments in the non-oil and gas sector also declined by 49 percent in the reported period.
Some AZN 1.3 billion ($764.7M) was directed to fixed capital in January-February 2021, which is by 32 percent less than in the corresponding period of 2020. Of this, AZN 1 billion ($588.2M) or 80 percent was spent on production areas, AZN 146.8 million ($86.3M) or 11 percent on service areas and AZN 120.4 million ($70.8M) or 9 percent on the construction of residential buildings.
Furthermore, AZN 678.4 million ($399M) or 50.7 percent of fixed assets were internal funds.
Some AZN 1.1 billion ($647M) or 85.4 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 74 percent, bank credits for 9.7 percent, personal funds for 9.1 percent, budget funds for 3.4 percent and other funds for 3.8 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
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