Investment in Azerbaijan's oil, gas sector up by 19 pct in 2020

By Azernews

By Ayya Lmahamad

The volume of investments in Azerbaijan’s oil and gas sector increased by 19 percent during the period of January- August 2020, State Statistics Committee has reported.

According to the statement, the volume of funds directed to non-oil and gas sector decreased by 10.5 percent during the reporting period.

Moreover, AZN 8.6 billion ($5bn) was allocated to fixed assets, which is by 0.7 percent more than in the same period of 2019.

Out of this, 67.1 percent or AZN 5.8 billion ($3.4bn) was spent on production areas, 23.4 percent or AZN 2 billion ($1.1bn) was spent on service sector and 9.5 percent or AZN 822 million ($483M) on housing construction.

It should be noted that 61.7 percent or AZN 5.3 billion ($3.1bn) of fixed assets were internal funds.

Furthermore, 61.6 percent or AZN 5.3 billion ($3.1bn) of the funds directed to the fixed capital were allocated for construction and installation works.

Additionally, in the total value of fixed capital investments, funds of enterprises and organizations accounted for 59.4 percent, budget funds for 22.7 percent, bank credits for 6.1 percent, personal funds for 5.8 percent, non budgetary state funds for 2 percent and other funds for 4 percent.