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 state oil company SOCAR signed a memorandum of cooperation with North Macedonian company ECM on Thursday, during a visit to Baku by North Macedonia's President Gordana Siljanovska-Davkova, an informed source told Turan.
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Discussions were held in Baku within the framework of the 29th session of the Conference of the Parties (COP29) to the UN Framework Convention on Climate Change, focusing on the "Decarbonization and Climate Adaptation of the Cotton-to-Clothing Value Chain." Among other topics, the state of cotton farming in Azerbaijan was also addressed.
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Azerbaijan has attracted significant interest from companies in both developing and developed countries, as well as from state and private sector representatives of at least 10 nations, regarding participation as shareholders in the Climate Finance Action Fund (CFAF), which has a total budget of $1 billion. The CFAF is one of Azerbaijan’s 14 key initiatives unveiled at COP29, Yalchin Rafiev, Azerbaijan's chief negotiator at COP29 and Deputy Foreign Minister, said at a press conference on Tuesday.
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The Azerbaijani government has proposed that the OPEC Fund participate in financing several renewable energy projects, including offshore wind energy development, green energy corridor initiatives, and a 1 GW project planned by SOCAR in partnership with the UAE-based company Masdar.
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