From January to May 2012 investments into the Azerbaijan oil industry increased by 31.5% against the same period last year and totaled 1.4 billion AZN, says the annual report of the Azerbaijan State Statistical Committee.
According to the State Statistical Committee, share of oil investments in the total volume of investments into Azerbaijan's economy constituted 31.3% during first 5 months this year.
In 2011 investments into the Azerbaijan's oil industry totaled 2,964 billion AZN. They constituted 23.2% in the total volume of investments into economy of the country.
The current increase in investments into the oil industry is connected with implementation of such oil and gas projects, as Chirag Oil Project, and beginning of implementation of the second stage of Shah-Deniz project. Only this year total costs into the Stage-2 project will total about $1 billion, including outside of Azerbaijan.-0--
Economics
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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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