Azerbaijan increased investments in oil industry


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--


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