According to Haydarshina, in the coming year, with the updated baseline scenario of the average Brent oil price at $81.7, the economy will grow by 4.5 %, taking into account the exhaustion of the effect of the low base of the crisis in 2020.
- In addition, even under a conservative, unlikely scenario of an average Brent oil price of $60, the Azerbaijani economy will maintain positive growth rates in the coming year
- This will be facilitated by a recovery in domestic demand, an increase in the physical volumes of gas exports due to the launch of the TAP gas pipeline, as well as new non-oil and gas growth drivers
- Earlier it was reported, the oil & gas sector remains key for the Azerbaijani economy even in the context of active measures to diversify it through the development of non-oil and gas industries
- After falling to 38 % in the crisis year of 2020, amid weak external demand in 2021, the share of the oil & gas sector in the total value added of industries may recover to 41 %
- Despite a slight reduction, thanks to the growth of the non-oil & gas component in the medium term, the share of oil & gas GDP will exceed 35 %
- It is noted that the share of oil & gas exports in its total volume remains close to 90%
The bank has also launched the 2nd project in Azerbaijan - the construction of the SOCAR GPC gas processing and petrochemical complex, where Gazprombank acts as a financial consultant.