INVESTMENTS IN OIL AND GAS SECTOR DROP 11.4%, WHILE NON-OIL SECTOR GROW 36.2%
A total of $940,823 million has been repatriated by international oil gas companies active in Azerbaijan since January through June 2005. The corresponding figure for the rest of the economy has been calculated at $1.470 million.
Meanwhile, AzerbaijanвЂ™s 2005 Q1 balance of payments has revealed the amount of foreign capital repatriation at $197.8 million; that for last year has constituted $1,154.397 million. In the first half-year the amount of repatriation in the oil and gas sector made up $197.8m, while last year it was $1154,397m.
The direct investments have summed up $1,973.3 million, or 83% of the special weight (the total amount for the first half-year of 2005 is calculated in regarded to a year-ago figure вЂ" 89.6%). The amount of direct investments in the oil and gas industry has constituted $1,910.9 million, or 80.4% of the special weight. The total amount for the first half-year of 2005 is calculated in regarded to a year-ago figure вЂ" 88.6%). Over the corresponding period, the other sectors of the economy have received only $62.4 million invested (2.6% of special weight, the total amount for the first half-year of 2005 is calculated in regarded to a year-ago figure вЂ" 136.2%).
The investments in the oil and gas sector dropped 11.4% as compared to corresponding period of 2004 ($2155.6m), while a rise in investments in the non-oil sector made up 36.2%.
$405.2m more was attracted in credits against $230.4m a ear ago figure. . Meanwhile, the Government has provided security for $50.3 million of the entire borrowings against $36.2m last year.
In the first half-year $144.8m was invested in the implementation of the Baku-Tbilisi-Ceyhan main export oil pipeline, while the SOCAR - $58.8m. The investments and credits in other sectors of economy made up 47.8m (+4.641 times), other investments $4.3m (+4,367 times).
In this period, the total foreign capital used in the country made up $2378.5m, or 2.3% down the same figure of 2004.