46 billion cub.m. of natural gas has been extracted within the framework of development of offshore gas condensate field Shah-Deniz Phase 1, Khoshbakht Yusfizada, Senior Vice President of SOCAR, said at the seminar “Days of Norway in Baku.”
He said of total volume of production 25 billion cub.m. of gas was exported to Turkey and 3.4 billion cub.m. to Georgia. The remaining 17.6 billion cub.m. was purchased by SOCAR. This means that State Oil Company of Azerbaijan (SOCAR) bought 38.2% of the entire volume of gas.
SOCAR buys gas from the Shah-Deniz Phase 1 at the price agreed with the consortium, which are closer to the local ones.
* The contract to develop the Shah-Deniz field was signed on June 4, 1996 in Baku and ratified by the Milli Mejlis on October 17, 1996. Gas export to Turkey started on July 3, 2007. The partners of the production sharing agreement (PSA) on Shah-Deniz are BP (operator with 25.5%), Statoil, (25.5%), SOCAR (10%), LUKoil (10%), NICO (10%), Total (10%) and TPAO (9%).—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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