From January to May 2012 investments into the Azerbaijan oil industry increased by 31.5% against the same period last year and totaled 1.4 billion AZN, says the annual report of the Azerbaijan State Statistical Committee.
According to the State Statistical Committee, share of oil investments in the total volume of investments into Azerbaijan's economy constituted 31.3% during first 5 months this year.
In 2011 investments into the Azerbaijan's oil industry totaled 2,964 billion AZN. They constituted 23.2% in the total volume of investments into economy of the country.
The current increase in investments into the oil industry is connected with implementation of such oil and gas projects, as Chirag Oil Project, and beginning of implementation of the second stage of Shah-Deniz project. Only this year total costs into the Stage-2 project will total about $1 billion, including outside of Azerbaijan.-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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