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Investments in oil, gas sector drop in 2021

14 November 2021 11:36 (UTC+04:00)
Investments in oil, gas sector drop in 2021

By Ayya Lmahamad

The volume of investments in Azerbaijan’s oil and gas sector decreased by 9.2 percent in January-October 2021, the State Statistics Committee has reported.

Meanwhile, investments in the non-oil and gas sector also showed a 13.1 percent decline in the reported period.

Some AZN 10.5 billion ($6.2bn) were directed to fixed capital in the first nine months of the year, which is by 8.7 percent less than in the corresponding period of 2020.

Of this, AZN 6.94 billion ($4.1bn) or 66.2 percent was spent on production areas, AZN 2.7 billion ($1.6bn) or 26.1 percent on service areas and AZN 811.1 million ($477.1M) or 7.7 percent on the construction of residential buildings.

Furthermore, AZN 7 billion ($4.1bn) or 66.4 percent of fixed assets were internal funds.

Some AZN 7 billion ($4.1bn) or 66.5 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 55.1 percent, budget funds for 24.1 percent, personal funds for 7.3 percent, bank credits for 6.1 percent and other funds for 7.4 percent.

It should be noted that investments in the country’s oil and gas sector increased by 0.3 percent in 2020 while 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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