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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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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