84pct of in­vest­ments di­rected to oil and gas sec­tor

Azer News - - Business - By Sara Is­rafil­bay­ova

The to­tal vol­ume of di­rect in­vest­ments at­tracted to the oil and gas sec­tor of Azer­bai­jan amounted to $3.771 bil­lion in Jan­uary-Septem­ber.

The Cen­tral Bank of Azer­bai­jan (CBA) re­ported that the to­tal amount of at­tracted di­rect for­eign in­vest­ments to Azer­bai­jan amounted to $4.5 bil­lion dur­ing the re­port­ing pe­riod. The share of oil and gas sec­tor in the struc­ture of in­vest­ments equaled to 83.8 per­cent.

The growth in net fi­nan­cial li­a­bil­i­ties for the oil and gas sec­tor ($1.68 bil­lion) in the item of di­rect in­vest­ments in the bal­ance of pay­ments was formed from the dif­fer­ence be­tween the at­tracted in­vest­ments ($3.77 bil­lion) and repa­tri­a­tion of cap­i­tal ($2.09 bil­lion).

It is es­ti­mated that the to­tal amount of di­rect in­vest­ment at­tracted to the non-oil sec­tor is $728.7 mil­lion.

Azer­bai­jan has a large num­ber of oil and gas fields and promis­ing struc­tures in the Caspian Sea. One of them is the block of oil and gas fields “Az­er­iChi­rag-Gu­nashli” (ACG), proven oil re­serves of which are es­ti­mated at 1.2 bil­lion tons, while gas re­serves-350 bil­lion cu­bic me­ters.

An­other large field is the Shah Deniz gas con­den­sate field, re­serves of which are es­ti­mated at 1.2 tril­lion cu­bic me­ters of gas. Within the sec­ond stage of field de­vel­op­ment, the vol­ume of gas pro­duc­tion can be in­creased to 24 bil­lion cu­bic me­ters per year, ac­cord­ing to fore­casts.

There are also such de­posits as Ab­sheron (350 bil­lion cu­bic me­ters), Umid (200 bil­lion cu­bic me­ters), and the promis­ing struc­ture of Babek (400 bil­lion cu­bic me­ters).

Azer­bai­jani gas is cur­rently ex­ported di­rectly by the State Oil Com­pany of Azer­bai­jan SOCAR to Iran and Ge­or­gia, and by the Shah-Deniz con­sor­tium via the Baku-Tbil­isiErzerum gas pipe­line to Ge­or­gia and Turkey.

The over­whelm­ing part of oil pro­duced in Azer­bai­jan falls on ACG block. Al­most all oil from the block is ex­ported by the Baku–Tbil­isi–Cey­han (BTC) pipe­line.

Azer­bai­jan's oil is ex­ported from the coun­try not only in raw form, but also in the form of oil prod­ucts. The coun­try’s only oil pro­ducer is SOCAR.

Azer­bai­jan’s oil prod­ucts are ex­ported to such coun­tries as Turkey, Ge­or­gia, Italy, Egypt, Greece, Le­banon, Sin­ga­pore, Ukraine, Afghanistan, Ta­jik­istan, Uzbek­istan, Malta, Libya, Ro­ma­nia, China, Spain, Ba­hamas and others.

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