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Wednesday, March 29, 2017

Oil and gas products account for bulk of Azerbaijan's exports

The Central Bank of Azerbaijan recently published a balance of payments showing that the country exported approximately $30.7 billion worth of oil and oil products in 2013.

The number was a 5.6 percent drop compared to Azerbaijan's oil exports in 2012. Oil and gas products accounted for 94.9 percent of all exports, totaling approximately $32.4 billion. The value of Azerbaijan's 2012 exports was $31.8 billion, AzerNews reports.

Approximately $1.6 billion of the total volume of exported oil products was oil processing products, while approximately $26.9 billion was oil.

Azerbaijan International Operating Company produced approximately $25.3 billion worth of the exported oil. The condensate from the Shah Deniz field accounted for approximately $303 million worth of oil. Azerbaijan's state oil company SOCAR produced approximately $1.34 million worth of oil.

The total volume of foreign direct investments in Azerbaijan's economy amounted to $6.3 billion in 2013, 82.4 percent of which was in the oil and gas sector. The investments were used to finance work in Azerbaijan, most of which was carried out under Shah Deniz and AIOC oil and gas projects, Trend reports.

The volume of direct investments in Azerbaijan's non-oil sector was approximately $1.108 billion or 17.6 percent of the total volume of direct investments.