At first Azerbaijan will deliver oil to the Star oil refinery in Turkey and then other sources of raw material are possible, President Ilham Aliyev told RIA Novosti during the World Economic Forum in Davos.
The ceremony of laying foundation of Star oil refinery took place in October 2011. In 2014 State Oil Fund of Azerbaijan (SOFAZ) could allocate about $285 million to build Star oil refinery in Turkey.
“We export enough oil to the Turkish ports, they have enough Azerbaijani oil. It also depends on the market: if we have another oil, we will use another oil. Right now we plan to use Azerbaijani oil. This is a good economic project for the region and for business. Turkey’s demand in oil products has been growing,” he said.
85% of Star Rafineri A.S. is owned by SOCAR Turkey Enerji A.S. (100% daughter company of SOCAR) and 18.5% by TURCAS Rafineri Yatirimlari A.S. (99.6% owned by Turcas Petrol A.S.).
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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