Investments in oil, gas sector drop by 9.8 pct

By Azernews

By Ayya Lmahamad

The volume of investments in Azerbaijan’s oil and gas sector decreased by 9.8 percent in January 2022, the State Statistics Committee has reported.

Meanwhile, investments in the non-oil and gas sector also showed a 12.7-percent decline last month.

Some AZN 658.1 million ($387.1m)) were directed to fixed capital last year, which is by 11.1 percent less than in the corresponding period of 2021.

Of this, AZN 474.9 million ($279.3m) or 72.2 percent was spent on production areas, AZN 125 million ($73.5m) or 19 percent on service areas and AZN 58.2 million ($34.2m) or 8.8 percent on the construction of residential buildings.

Furthermore, AZN 362 million ($212.9m) or 55 percent of fixed assets were internal funds.

Some AZN 399.6 million ($235m) or 60.7 percent of the funds directed to the fixed capital was spent for construction and installation works.

In the total value of fixed capital investments, funds of enterprises and organizations accounted for 83.1 percent, personal funds for 9.6 percent, budget funds for 3.5 percent, bank credits for 0.7 percent,  and other funds for 3.1 percent.

It should be noted that investments in the country’s oil and gas sector increased by 5.6 percent in 2021 while investments in the non-oil and gas sector in the country decreased by 9.6 percent.