Over 93% of Russia’s investments into Azerbaijan’s economy spent in oil and gas industry
Profit of Russian business from investments into the Azerbaijani oil and gas industry totaled $2 billion, said Azerbaijani Minister of Economy Shahin Mustafayev at the enlarged session of the Azerbaijani-Russian and Russian-Azerbaijani Business Councils in Baku on August 8.
“Total amount of investments of the Russian companies into Azerbaijani economy has reached about $3 billion, of which $2.8 billion has been invested into the oil and gas industry. Russian companies received a profit of $2 billion from investments into this field,” he added.
Mustafayev added that currently Azerbaijan “is very interested in attracting investments into the non-oil sector of the economy.”
* Russian private company LUKoil is involved in Azerbaijani oil and gas industry and currently had 10% share in the Shah Deniz gas project. It is also very active at the retail oil products market and has 20 petrol stations in the country. Earlier the company also had a share in the Azeri-Chirag-Guneshli (ACG) oil project.—0—
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