Sudyin Andrei

Oil and Gas Sector of the Economy of Independent Azerbaijan: Outcomes of Twenty Years

Еditor: Tomberg Igor

Москва, 2012, 144 p.

This work studies the principal trends of economic development of Azerbaijan in the last 20 years. The role of the oil industry and related sectors in the country’s economy is analysed. The actual progress achieved by Azerbaijan in the economic sphere is shown, and at the same time serious problems connected with the one-sided and oil-based character of economy are indicated. The work pays a lot of attention to the development of key industries related to hydrocarbon production. Oil and gas production performance is shown in detail. The earnings from the hydrocarbon exports, and above all from the oil exports, had a significant influence on the investment policy in Azerbaijan. They allowed to allocate substantial funds for the development of non-oil industries. Yet in spite of this, Azerbaijani economy remains oil-based. This work pays great attention to the evaluation of the efficiency of financial policy of the Azerbaijani Government, aimed at the diversification of the economy and gradual elimination of the dependence on the exports of oil and gas. The main methods of accumulation of the excess financial resources and possibilities for their further use to address the social and economic challenges facing Azerbaijan are shown. In particular, the activities of the State Oil Fund of the Republic of Azerbaijan are reviewed, and the fiscal and investment policy of Azerbaijan is analysed.