BAKU, Azerbaijan, December 19. Bilateral investments between Azerbaijan and Russia totaled $4.465 billion in the first half of 2023, with 30 bilateral investment projects., Trend reports.
According to the Eurasian Development Bank (EDB), of the above amount, $4.201 billion (15 projects) are Russian investments in Azerbaijan, and $264 million (15 projects) are Azerbaijani investments in Russia.
"Azerbaijan has around 900 joint ventures with Russia, 300 of which are entirely controlled by Russian businessmen. These firms operate in a variety of industries, including hydrocarbon production and transportation, the chemical industry, energy, petrochemicals, medicines, machine construction, and freight transportation," EDB said.
"LUKOIL's investments in the Shah Deniz gas condensate field ($2.9 billion), the South Caucasus Pipeline Company ($300 million), and the LUKOIL-Azerbaijan gas station ($115 million) are noteworthy. Medical, recreational, and business centers make up more than half of Azerbaijan's overall investment in Russia. Large holding companies in the country, such as Karat Holding and Azersun Holding, have invested more than $170 million between 2014 and 2020. A large portion of the investment is also related to the expansion of the International Bank of Azerbaijan's banking portfolio ($52 million)," the bank said.
According to the results of the first half of 2023, Azerbaijan ranks third in the volume of exported investments with a share of 7.3 percent ($3.56 billion) of total investments in the region ($48.8 billion), and Azerbaijan's share of attracted accumulated mutual investments in the region is 8.7 percent ($4.23 billion).
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