Direct investments to Azerbaijan's economy exceed $750mln in Q1
Azerbaijan, Baku, June 17 / Trend , N.Ismayilova/
The total amount of foreign capital used in the Azerbaijani economy amounted to $1.1 billion in January-March 2009, which is lower at 48.7 percent compared to 2008, the Central Bank of Azerbaijan (CBA) said with reference to the balance of payments.
The total amount of repatriated direct investment in the country's economy in previous years and foreign direct investment in the economy fell by 69.8 percent, reaching $3.6 billion in January-March 2009. This decline is due to the decline in the repatriation of direct investment by major oil companies by reducing overseas commitments in the oil and gas sector under the "contract of the century." If in 2008 the amount of repatriated investments in oil and gas sector amounted to $2 billion in January-March 2009, this figure decreased to 3.3 times reaching $605.6 million.
The total amount of foreign direct investment in the country amounted to $760.7 million, where the share of oil and gas sector amounted to 67.1 percent. These investments were used in connection with the construction work on the Azerbaijani territory by the BP Exploration (Shah Deniz) Ltd and the AMOC on the Azeri-Chirag-Guneshli field.
Direct investments in non-oil sector of the economy have been invested in the amount of $249.9 million. The total share of investments amounted to 32.9 percent.