Moody's talks on role of oil and gas sector in Azerbaijani economy (UPDATE)

Oil&Gas Materials 24 May 2018 15:15 (UTC +04:00)

Details added (first version posted on 10:41)

Baku, Azerbaijan, May 24

By Anvar Mammadov - Trend:

Azerbaijan is still greatly dependent on oil exports, Moody's international credit rating agency’s expert Christian Fang said at an annual summit on Azerbaijan in Baku May 24.

“Despite the measures taken in the country to diversify the economy, the oil and gas sector still has a high share in the economy, in particular, in exports and the government’s revenues,” Fang said.

"Over 70 percent of industrial production, 90 percent of exports and about 60 percent of the government’s revenues still account for the oil and gas sector," Fang said.

“The increase in gas exports caused by the commissioning of the Southern Gas Corridor and the increase in its capacity by 2020 will allow receiving about half of the funds currently received from oil exports, through revenues from the sale of natural gas,” he added.

The annual conference of Moody's international rating agency kicked off in Baku May 24. The conference has been dedicated to the discussion of Azerbaijan's sovereign rating and the short-term and long-term impact of low oil prices on the country's economy, trends in the country’s banking sector and in the world oil market.

A workshop on simulation of the rating assignment process will be also held during the conference.


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