The event devoted to the 20th jubilee of the East-West energy corridor took place in Tbilisi yesterday.
The ceremony was devoted to beginning of the Baku-Supsa oil pipeline construction, which was designed to export Azerbaijani oil from the Chirag field by the Azerbaijan International Oil Consortium (AIOC) to the world markets.
The Azeri side was represented at the event by Premier Artur Rasizada and Energy Minister Natig Aliyev.
Since its launching till now 76.3 million tons of Azeri Light oil brand has been exported via the Baku-Supsa pipeline.
* The Baku-Supsa pipeline is 827 km long and its diameter is 530 mm. The pipeline was launched on April 17, 1999.—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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