Investments in Azerbaijan’s oil, gas sector hit $1.1bn in Q1

22 May 2020 15:16 (UTC+04:00)

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By Akbar Mammadov

The volume of investments in Azerbaijan’s oil and gas sector increased by 18.8 percent year-on-year in the period between January and April, amounting to 1.1bn dollars, the State Statistics Committee told local media on May 22.

According to the State Statistics Committee, the oil and gas sector generated products worth $4,6 billion (AZN 7,87 billion) in the first quarter of 2020.

Production in this sector grew by 1.6 per cent compared to the same period last year. The value-added in the oil and gas sector also increased by 1.5 per cent.

Accordingly, 63.1 per cent of industrial output was produced in the mining sector in the first quarter of 2020. Thus, last month, the producer price index for industrial products was 66 per cent compared to February, including 58.5 per cent for the mining industry.

As of April 1, 33,700 people were employed in the oil and gas sector of the economy. In January-March, the nominal wage in the oil and gas sector amounted to $2,257 (3,830 AZN).

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Akbar Mammadov is AzerNews’ staff journalist, follow him on Twitter: @AkbarMammadov97