Market Size of Azerbaijan Oil and Gas Downstream Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 1.21 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Azerbaijan Oil and Gas Downstream Market Analysis
The market for oil and gas downstream in Azerbaijan is expected to register a CAGR of more than 1.21% during the forecast period.
The market was negatively impacted by COVID-19. Presently the market has now reached pre-pandemic levels.
- Factors, such as increasing demand for natural gas and rising production of oil and gas, coupled with increasing demand for petroleum products in the country, are expected to boost the demand in the market during the forecast period. In a process to modernize the downstream industry, new petrochemical plants integrated with the old refineries are making headway. The increase in investment is expected to augment the growth in the market.
- However, a decrease in oil consumption is expected to impede the growth of the market.
- The government may reduce the sulfur contents in refined crude oil to follow the climate agreement. Modernizing the desulfurization process is expected to create an opportunity in the downstream sector in the future.
