Invetsments worth 4 billion are needed to bring electric distribution netwoks in working order in Azerbaijan, Azerbaijani Energy Minister Natig Aliyev told journalists.
Speaking about the possbility of privatization in the energy sector, he added that auxiliary and service companies, but not the manufacturers could be privatized in the energy sector. He added that privatization of State Oil Company of Azerbaijan (SOCAR) is impossible as well.
“For the existing electric distribution networks to meet the the world standards, we need to invest $4 billion. In case of privatization, physical persons could hardly manage such investments, because only big companies could do that. For this reason it is early to speak about privatization of electric distribution companies and manufacturers. The auxiliary companies in the electric energy area could be privatized,” Aliyev said.—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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