About 40 contracts on use of bowels of earth will be terminated in Kazakhstan till the end of 2013, Aset Isekeshev, Kazakhstan Minister of Industry and New Technologies, said at a briefing in Astana.
“Till the end of the year we will do work on the idle fields and I think we will terminate at least 40 contracts on the nonworking fields,” Isekeshev said.
He assured that the work will be continued till “all the fields will work as the government wants it to.”
Commenting on the revision of the conditions of the contracts for bowels of earth, Minister said that many projects and programs have been concluded “7-10 years ago and we believe that the investors’ commitments were understated there.”
“We revise every our project and work on the technical project, which is economically substantiated, and specify legal obligations in the contracts. The investors’ commitments related to use of bowels of earth in Kazakhstan worth $27 billion will be secured in the contracts till the end of the year,” Minister concluded. –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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