BAKU, Azerbaijan, Sept.21
By Leman Zeynalova – Trend:
The volume of investments made in Azerbaijan’s oil and gas sector from 2000 to 2020 stood at $109.5 billion with 79.5 percent accounting for foreign investments, said Azerbaijan’s Energy Minister Parviz Shahbazov, Trend reports.
He noted that Russian companies have invested around $44.9 billion in Azerbaijan’s oil and gas sector as of April 1, 2021.
Shahbazov recalled that the two countries signed an agreement On the encouragement and mutual protection of investments in 2014, which makes significant contribution to the development of bilateral cooperation. “Therefore, it is not surprising that Azerbaijan and Russia today enjoy great dynamics in making mutual investments. Over 1,000 companies with Russian capital currently operate in Azerbaijan.”
Foreign direct investment in Azerbaijan increased by 25.1 percent or $528.7 million in the first half of 2021, compared to the same period of 2020 ($2.11 billion) and reached $2.64 billion, according to the Central Bank of Azerbaijan (CBA).
“The share of the oil and gas sector in the structure of direct investments in the Azerbaijani economy amounted to 89.2 percent, or $2.18 billion (a year earlier - 84.4 percent, or $1.78 billion). This figure grew by 4.8 percent over the year, or more than $400 million,” the CBA said.
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