Oil industry sector pulls down

In January - April this year, the volume of industrial production in Azerbaijan amounted to 11 billion manats. This is 2 % less than in the comparable period last year. Volume of industrial production continues to fall for the fourth month in a row due to the slowdown in production in the oil sector.

Oil and natural gas falls from the beginning of this year and in January-April this year its rate showed 1.5% less. From the beginning, it produced over 14 million tons of crude oil and gas condensate, which is 1.7 % less than last year.

The gold mining Anglo-Asian Mining Company is doing well. This year it has produced gold (501.8 kg) - 46.4% more than in the four months of 2013.

Partial suspension of the refinery has affected the volume of product processing industry, which owns 20.8 % of the industrial production of the country. Refining (778 million manat) decreased by 13.3%.

According to the State Statistics Committee, in the field of non-oil processing production increased 4.2%. Total volume of processing industry amounted to 2.3 billion manat (3.2%), of which 35 % (820 million manat) accounted for the food industry.

This year, weakened the position of the company for the production of beverages (44 million or minus 7.9%), paper and paperboard (7.3 million or minus 11 %), rubber- plastic products (AZN 12 million or minus 31 %), etc.

According to the SSC, so far this year in the industrial sector of the economy was invested AZN 2,267 million that was 12.7 % more than in January-April 2013. The bulk of investments (1.8 billion manat) is directed to the oil sector. The processing field got 134.2 million of capital investment, which is 48.1 % less than in the four months of last year.

This year in Azerbaijan has been declared the "Year of the Industry." A special plan has been approved to ensure the activities of industrial parks, as well as the development of non-oil fields of the processing industry. - 08D-