Investments in Azerbaijan’s oil, gas sector drop

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Baku

The volume of investments in Azerbaijan’s oil and gas sector decreased by 6.2 percent in January-March 2021, the State Statistics Committee has reported.

Investments in the non-oil and gas sector also declined by 32.2 percent in the reported period.

Some AZN 2.3 billion ($1.3bn) was directed to fixed capital in the first quarter of the year, which is by 19.4 percent less than in the corresponding period of 2020.

Of this, AZN 1.7 billion ($1bn) or 74.5 percent was spent on production areas, AZN 398.2 million ($234.2M) or 16.8 percent on service areas and AZN 205.2 million ($120.7M) or 8.7 percent on the construction of residential buildings.

Furthermore, AZN 1.2 billion ($724.6M) or 52.1 percent of fixed assets were internal funds.

Some AZN 1.7 billion ($1bn) or 74.8 percent of the funds directed to the fixed capital was spent for construction and installation works.—AzerNews

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