Central Bank: Oil and gas industry constitutes 97.8% in Azerbaijan's export

• Tuesday, June 19, 18:47

Baku. Despite the continuation of oil production, Azerbaijan keeps on getting high profit from crude oil sale, because of high oil prices at the world markets. During quarter 1, 2012 Azerbaijan's incomes from crude oil export totaled $7.8 billion.  

According to the payment balance of the country worked out by the Central Bank of Azerbaijan (CBA), $7.4 billion of this sum falls to oil produced on the Azeri-Chirag-Guneshli field. The payment balance says that export of oil of SOCAR and other  companies operating on the onshore fields of Azerbaijan totaled $423.5 million, of which 385.6 million falls to SOCAR and $37.9 million to condensate from Shah-Deniz.

During 2011 Azerbaijan delivered oil to the amount of $28.9 billion to the world markets. Of this sum $28.2 billion falls to oil produced on Azeri-Chirag-Guneshli field. Export of oil of SOCAR and other companies operating on onshore fields of Azerbaijan totaled $1.6 billion. Condensate to the amount of $14.4 million was exported from the Shah-Deniz field.

In the structure of export, which amounted to $8 billion 970 million, $8 billion 770.1 million fell to oil and oil products, which makes 97.8% of total volume of commodity export of Azerbaijan.    According to the payment balance, during this period 83.3% of direct foreign investments or $967.5 million fell to the oil and gas industry (growth by 39%) and $193.5 million (growth by 56.4%) to other sectors.