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24th International Conference "Caspian, Oil and Gas-2017"
Baku/31.05.17/Turan: The traditional Baku international exhibition-conference "Caspian, oil and gas-2017" opened on Wednesday in Baku. Over 300 companies from 30 countries are represented at the exhibition. At the opening ceremony, President Ilham Aliyev said that Azerbaijan has 2.6 trillion cubic meters of confirmed gas reserves.
"The country's oil and gas projects are a guarantee of security, stability and development in the region. These projects have a great influence on relations between countries. These pipelines are the largest state, "Aliyev said. "The project of the Southern gas corridor is expected to invest 40 billion dollars of investment.
The "Shah Deniz-2" project was fulfilled by 93%, and TANAP - by more than 70%, TAP - by 42%," Aliyev said. The southern gas corridor will ensure the long-term development of Azerbaijan. Next to the gas project is the "Big Absheron".
In parallel, gas projects "Umid", "Babek" will be realized. In the coming years, production from these fields is expected to begin, Aliyev said. Thanks to the infrastructure created, the importance of Azerbaijan as a transit country is growing. Hydrocarbons from the east of the Caspian Sea through Azerbaijan are exported to world markets. In addition, work is underway to extend the contract for the development of the Azeri-Chirag-Gunashli fields. "At the moment we are at the last stage of negotiations with foreign partners. Large deposits of oil remain on these deposits," Aliyev said. -03B06-
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- Social
- 31 May 2017 15:59
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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