By the decisions of the Observation Council and the session of the shareholders, the authorized capital of Southern Gas Corridor (JSC) was increased up to $725 million, reads the statement published on the web site of the State Oil Fund of Azerbaijan (SOFAZ).
The initial capital of the Southern Gas Corridor totaled $100 million, but in February 2015 its capital was increased up to $300 million.
“During six months, 2015 SOFAZ transferred $318.75 million to the treasury account of the Ministry of Economy and Industry. As a result of that share of the Fund in the Southern Gas Corridor capital has reached $369.75 million (51%),” reads the statement.
During 2014 the Oil Fund has allocated $2.5 billion to the Southern Gas Corridor to fund Azerbaijan’s share in the Shah Deniz-2 and the Southern Gas Corridor.
* In February 2014 President Ilham Aliyev signed the decree to create the closed-type joint stock company (JSC) for the efficient management of the Shah Deniz-2 project, expansion of the Southern Caucasian gas pipeline and construction of the TANAP and TAP gas pipelines.-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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