The State Oil Company of Azerbaijan (SOCAR) in the I half-year 2016 made a net profit in the amount of AZN 550 million, the SOCAR Vice President on economic issues Suleyman Gasimov said at today's press conference.
“During the first half of 2016 the net profit of SOCAR amounted to AZN 550 million and we expect to be able to maintain this rate, and by the end of 2016 we will have a profit,” Gasimov said.
Turan recalls that the net loss of SOCAR amounted to 1 billion 785 million manat in 2015 compared with the net profit of 1 billion 274 million manat in 2014.
The average export price of Azeri oil by the end of 2015 was $ 54 per barrel and in the past year it dropped to $ 45. -12C--
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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