Gazprombank: Azerbaijan's oil, gas sector to gain momentum in short term
ECONOMICS 20 March 2023 - 17:52
Azerbaijan's oil and gas sector will gain momentum in the short term as natural gas supplies through the Trans Adriatic Pipeline (TAP) are increasing to meet growing demand for gas in Europe.
“The decline in the country’s oil and gas sector slowed to 3.6 per cent in January-February 2023 compared to the same period of 2022 (compared to 4.6 per cent in January 2023). This is connected with an increase in gas production volume by four per cent in annual terms,” Report informs citing the Russian Gazprombank’s review.
Gazprombank’s analyst noted that the dynamics of Azerbaijan's GDP in January-February was mainly connected with the high base effect of 2022, when economic growth amounted to 6.7 per cent year on year.
“The non-oil and gas sector has become a key driver of Azerbaijan's economic growth amid falling oil prices. Growth in the non-oil and gas sector recovered from 1.7 per cent to 4.6 per cent year on year in line with our expectations. This was the main factor that brought the Azerbaijani economy to a positive level in January-February 2023. We think that growth in the non-oil and gas sector will continue recovering due to the implementation of projects in Karabakh,” the statement said.
Gazprombank’s economists think that these projects give a powerful impetus to the development of Azerbaijan's non-oil and gas sector. About 6.5 billion manats ($3.8 billion) were spent to finance these projects in 2022, which is five per cent of GDP.
According to the Azerbaijani State Statistics Committee, the country's GDP for the year increased by 0.4 per cent, amounting to 19.8 billion manats ($11.6 billion) in January-February 2023.
“The main contribution to the GDP was made by industry with a 50.3-per cent-share. We think that the February recovery of the positive dynamics of Azerbaijan's GDP is expected and, therefore, neutral for the country's Eurobonds,” the bank's analysts said.
At present, the capacity of the Trans-Adriatic gas pipeline, which is the European part of the Southern Gas Corridor, through which Azerbaijani gas is transported to southern Europe, is 12 billion cubic metres of gas per year.
Some 1.9 billion cubic metres of gas were sold to Europe in January-February 2023. Gas sales to Europe increased by 0.3 billion cubic metres or 18.7 per cent compared to the same period of 2022.
Caliber.Az
1
|
Armenia returns four villages to Azerbaijan, paving the way for peace in the South Caucasus Landmark accord
23 April 2024 - 09:14
|
2
|
Mark Rutte seeks Türkiye's backing for new job A new pair of hands
24 April 2024 - 16:55
|
3
|
Armenian PM's Moscow visit sparks speculation on bilateral relations Dilemma between East, West
23 April 2024 - 11:19
|
4
|
Bilateral relations, regional dynamics, & peacekeepers’ withdrawal Key takeaways from President Aliyev's Moscow visit
24 April 2024 - 14:07
|
5
|
Air France plane safely evacuated at Heydar Aliyev Int’l Airport
24 April 2024 - 19:08
|
Port of Baku: the Eurasian trade hub working to expand and accelerate growth
Article by Euronews / VIDEO25 April 2024 - 15:39
Hybrid warfare being waged against Armenia, official says
25 April 2024 - 15:24
Azerbaijani police discover cache of weapons in Khankendi, linked to Armenian forces
25 April 2024 - 14:58
Zakharova slams Armenian media for distorting Russian leadership’s statements on Baku-Yerevan ties
25 April 2024 - 14:44
Baku, Budapest cement economic ties, sign protocol
25 April 2024 - 14:27
Yerevan ready to discuss gas purchase with Baku – Armenian Speaker
UPDATED25 April 2024 - 14:15
Azerbaijan set to take bold steps vis-à-vis climate change - minister
25 April 2024 - 14:09
Official: Hamas would lay down its weapons if two-state solution implemented
25 April 2024 - 13:54
Türkiye captures nearly 3,000 Islamic State suspects in 10 months
VIDEO25 April 2024 - 13:40
Blinken tours China to promote some ties
25 April 2024 - 13:26
Azerbaijani presidential aide showcases Fuzuli's rebirth in stirring social media video
25 April 2024 - 13:15
Media: China harbours ship tied to North Korea-Russia arms transfers
25 April 2024 - 13:11
Western Azerbaijan Community condemns US human rights report as discriminatory
25 April 2024 - 12:58
Israeli Air Force strikes dozens of targets in Gaza
VIDEO25 April 2024 - 12:43
Hungary prepares to participate in Karabakh's reconstruction
25 April 2024 - 12:29
Azerbaijan's Nakhchivan appoints new prime minister
25 April 2024 - 12:15
Political analyst: Good relations with Türkiye to be favourable for Armenia
25 April 2024 - 12:13
Iran re-evaluating its ties with Azerbaijan, Armenia
Baku - more important, honest partner than Yerevan25 April 2024 - 12:00
Balancing Turkmenistan – Afghanistan relations
Deviated approach25 April 2024 - 11:48
CENTCOM: US repells Houthi attacks on ships
25 April 2024 - 11:44
France proposes new EU sanctions to fight Russian disinformation
25 April 2024 - 11:31
Minister: Cooperation with Azerbaijan contributes to Hungary's energy security
25 April 2024 - 11:20
EU's proposed Russia sanctions to target oil tankers, ships carrying N. Korean equipment
25 April 2024 - 11:16
Azerbaijani Army conducts command-staff exercises to maintain combat readiness
PHOTO/VIDEO25 April 2024 - 11:10
Armenian politician slams recent burning of Azerbaijani, Turkish flags in Yerevan
Calling the action belligerent pity25 April 2024 - 11:04
Azerbaijan-Kyrgyzstan business priorities: Advancing trade, energy, transport initiatives
Review by Caliber.Az25 April 2024 - 10:51
Media: US sends long-range ATACMS missiles to Ukraine
25 April 2024 - 10:38
Georgia's pre-election turmoil
How the Law on Foreign Agents shapes voter sentiment?25 April 2024 - 10:27
India stands for closer cooperation in fight against terrorism at BRICS meeting
25 April 2024 - 10:25
Iranian president urges international courts to punish Israel for Gaza Strip operation
25 April 2024 - 10:09
Azerbaijan submits report on Convention Against Torture to UN
25 April 2024 - 09:55
Azerbaijan, Kyrgyzstan sign Memorandum on Cooperation in religious sphere
25 April 2024 - 09:43
US welcomes start of Azerbaijan-Armenia border delimitation process
25 April 2024 - 09:21
PM vows to boost UK defence spending to 2.5% of GDP by 2030
25 April 2024 - 09:07
Azerbaijani, Turkish communities hold rally against fictitious Armenian genocide in Washington
PHOTO25 April 2024 - 09:00
EU’s 2050 net zero goals at risk as electric vehicle rollout faces setbacks
25 April 2024 - 07:03
World’s largest wealth fund issues inflation warning on hot commodity markets
real wildcard25 April 2024 - 05:04
How US F-16 fighter jets stack up to Su-35s sent to Iran?
25 April 2024 - 03:05
Belgian brewer whose body produces its own alcohol cleared of drink driving
25 April 2024 - 01:03
Milan becomes latest European hotspot to battle overtourism
No ice cream and pizza after midnight24 April 2024 - 23:00