Investments in Azerbaijan’s oil, gas sector drop in Jan-Apr

18 May 2021 12:02 (UTC+04:00)

By Ayya Lmahamad

The volume of investments in Azerbaijan’s oil and gas sector decreased by 0.7 percent in January-April 2021, the State Statistics Committee has reported.

Investments in the non-oil and gas sector also declined by 15.2 percent in the reported period.

Some AZN 3.7 billion ($2.1bn) was directed to fixed capital in the first four months of 2021, which is by 8.7 percent less than in the corresponding period of 2020. Of this, AZN 2.7 billion ($1.5bn) or 72.5 percent was spent on production areas, AZN 726.3 million ($427.2M) or 19.4 percent on service areas and AZN 304 million ($178.8M) or 8.1 percent on the construction of residential buildings.

Furthermore, AZN 2.1 billion ($1.2bn) or 56.8 percent of fixed assets were internal funds.

Some AZN 2.7 billion ($1.5bn) or 72.6 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 64.7 percent, budget funds for 15.6 percent, personal funds for 7.2 percent, bank credits for 6.8 percent and other funds for 5.7 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.

--

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

Follow us on Twitter @AzerNewsAz