In quarter 1, 2013 Azerbaijan extracted 10.8 million tons of oil and condensate and 4.4 billion cub.m. of tank gas. According to the Azerbaijan State Statistical Committee, the oil production decline constituted 4.6%, while gas production decline - 4.8% against the same period last year.
According to the Committee, during this period the growth of industrial production in the non-oil sector constituted 2.9%, while decline in the oil industry is equal to 2.9%.
From January to March 2013 75% of the total volume of production fell to the extracting industry, 18.4% on the refining industry, 6.1% on the production and distribution of power, gas and steam and 0.5% - on the water supply, cleaning and refining of wasts.
Earlier the officials repeatedly said the oil production will be stabilized in Azerbaijan, but the figures show that the production decline, which started in quarter 3, 2010, continues.
* According to the government's forecast, in 2013 Azerbaijan plans to produce 43.2 million tons of oil and 17.5 billion cub.m. of tank gas.-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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