In January-October 2016, the oil and gas sector of Azerbaijan was invested 7.91 billion manat against the 5.91 billion manat in the same period of 2015 (24.2% growth), according to the State Statistics Committee in 10 months of 2016.
During the reporting period, the total investment in the industrial sector in Azerbaijan amounted to 7.95 billion manat, which is on the comparative prices 14.2 percent less than in January-October 2015.
Of these funds 7.14 billion manat was invested in the mining industry for the period, which is 12.8 percent less than in January - October 2015.
Why do investments in the oil and gas sector grow? After all, the oil price is twice lower, and companies in such conditions tend to reduce their investments. The fact is that the large-scale project Shahdeniz-2 is being implemented in Azerbaijan. In fact, the costs of this year are in the peak period. -12D--
Economics
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Azerbaijan’s Milli Majlis ratified the second amendment to the agreement on the joint development of the Azeri-Chirag-Gunashli (ACG) oil and gas block during its plenary session on Wednesday. The bill was submitted to parliament as a legislative initiative by President Ilham Aliyev.
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The 104th meeting of the Commonwealth of Independent States (CIS) Economic Council was held in the Russian capital, with representatives from member states discussing enhanced economic collaboration and key regional initiatives. Azerbaijan was represented by First Deputy Prime Minister Yagub Eyyubov.
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Azerbaijan’s Information and Communication Technologies Agency (IKTA) reported significant improvements in the quality of internet and telecommunications services in the first half of 2024, driven by a comprehensive assessment framework and enhanced regulatory measures.
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In 2024, Azerbaijan will double its gas supply to Bulgaria, which not only uses this gas for its own needs but also partially sends it to its Balkan Gas Hub and, by agreement with SOCAR, organizes the transit of various volumes to its neighbors.
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