Investments in Azerbaijan’s oil and gas sector increase by 27.6 percent

By Azernews

By Ofeliya Afandiyeva

The volume of investment made in Azerbaijan’s oil and gas sector increased by 2.7 percent to reach $552,4 million year-on-year in the period of January-February, local media reported citing the Azerbaijani State Statistics Committee.

Based on the provided data, the oil and gas sector produced goods worth $2,9bn in the reporting period. Thus, the production in this sector of the industry fell by 1.3 percent compared to the same period in 2019.

Some 68.4 percent of industrial output was produced in the mining sector.

It should be noted that in February, the producer price index for industrial products was 91.3 percent compared to January, including 89 percent for the mining industry.

According to the data, as of February 134,700 people worked in the oil and gas sector of the economy.

The nominal wage in the oil and gas sector amounted to $2,008 in January.

Note that the producer price index, or PPI, is a group of indexes that calculates and represents the average movement in selling prices from domestic production over time.