Investments in Azerbaijan’s oil, gas sector up in 2020

22 January 2021 10:59 (UTC+04:00)

By Ayya Lmahamad

The volume of investments in Azerbaijan's oil and gas sector increased by 0.3 percent in 2020, the State Statistics Committee has reported.

However, investments in the non-oil and gas sector in the country decreased by 12.3 percent during the reported period.

Moreover, AZN 17 billion ($9.9bn) was directed to fixed assets, which is by 8.3 percent less than in 2019. Of this, AZN 11.1 billion ($6.5bn) or 65.6 percent was spent on production areas, AZN 4.4 billion ($2.5bn) or 26.4 percent on service areas and AZN 1.3 billion ($764.7M) or 8 percent on the construction of residential buildings.

Some AZN 11.9 billion ($6.9bn) or 69.9 percent of fixed assets were internal funds.

It should be noted that AZN 10.9 billion ($6.4bn) or 64.3 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 50.4 percent, budget funds for 27.6 percent, bank credits for 6.2 percent, personal funds for 5.7 percent, non-budgetary state funds for 1.5 percent and other funds for 8.6 percent.

---

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

Follow us on Twitter @AzerNewsAz