News Oil & Gas

Investments in non-oil, gas sector up by 22.5 pct


By Ayya Lmahamad

The volume of investments in Azerbaijan’s non-oil and gas sector
increased by 22.5 percent in January-August 2022, Azernews reports,
citing the State Statistics Committee.

Meanwhile, investments in the oil and gas sector decreased by
13.1 percent in the first eight months of the year.

Some AZN9.1 billion ($5.3bn) were directed to fixed capital,
which is 6.9 percent more than in the corresponding period of
2021.

Of this, AZN5.3 billion ($3.1bn) or 58.2 percent was spent on
production areas, AZN3.2 billion ($1.9bn) or 36.1 percent on
service areas, and AZN518.7 million ($305.1m) or 5.7 percent on the
construction of residential buildings.

Furthermore, AZN6.8 billion ($4bn) or 75.1 percent of fixed
assets were internal funds.

Some AZN6.6 billion ($3.9bn) or 72.9 percent of the funds
directed to the fixed capital was spent on the construction and
installation activities.

In the total value of fixed capital investments, funds of
enterprises and organizations accounted for 51 percent, budget
funds for 34.5 percent, personal funds for 7.2 percent, bank
credits for 2.9 percent, and other funds for 4.4 percent.

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.

Ayya Lmahamad is AzerNews’ staff journalist, follow her on
Twitter: @AyyaLmahamad

Follow us on Twitter
@AzerNewsAz





Source link