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Investments in Azerbaijan's oil, gas sector up by 17.5 pct

17 July 2020 [18:27] - TODAY.AZ

By Azernews

By Ayya Lmahamad

In January-June current year, the volume of investments in oil and gas sector increased by 17.5 percent, compared to the same period last year, amounting to AZN 2.7 billion ($1.6bn), the State Statistic Committee reported on July 16.

According to the statement, during the reporting period, oil and gas sector produced goods worth AZN 10.7 billion ($6.3bn), with the decrease of production in this sector by 2.8 percent compared to the same period last year. Added value in oil and gas sector decreased by 2.9 percent.

Moreover, 61.6 percent of industrial output was produced in the mining sector.

It should be noted that as of June 1, 33,900 people were employed in the oil and gas sector. In January-May, nominal wages in this sector amounted to AZN 3,693 ($2,172).

Furthermore, during the reporting period, AZN 5.9 billion ($3.4bn) was directed to fixed assets, which is 2.7 percent less than in corresponding period of 2019.

Out of this, AZN 3.9 billion ($2.3bn), or 66.8 percent, were spent on production areas, AZN 1.3 billion ($764.7bn), or 22.7 percent, on service areas, and AZN 626.1 million ($368.3M), or 10.5 percent, on construction of houses.

Additionally, funds of enterprises and organizations made 61.6 percent, budget funds - 22.2 percent, personal funds - 6.2 percent, bank credits - 5.4 percent, extra-budgetary public funds - 2.4 percent and other funds - 2.2 percent of the total value of investments in fixed assets.


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