By early June 2016 investments into the Shah Deniz Phase 2 project reached $12 billion, Vagif Aliyev, chief of SOCAR’s Investments Management Department, said yesterday at the meeting with the local NGOs.
He added that 74.2% of the planned works have been already completed. 9 out of 26 planned operation wells have been already drilled. “Between 2014 and 2020 $12 out of planned capital costs worth $23.8 billion have been already spent,” he added.
Aliyev said that currently 162 suppliers of equipment from 23 world countries have been involved in the project.
The Shah Deniz Phase 2 was authorized on December 17, 2013. The Shah Deniz project partners include BP (operator with 28.8%), TPAO (19%), SOCAR (16%), Petronas (15.5%), LUKoil (10%) and NICO (10%).
The first is scheduled to be extracted from the Shah Deniz Phase 2 at the end of June 2018.—0—
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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