From January to July 2016 Azneft, SOCAR’s production company, has extracted 3,663,900 tons of oil. The company said it has fulfilled the plan.
Since early 2016 32 new wells have been put into operation by Azneft’s order, as a result of which additional 43,800 tons of oil has been extracted. From January to July 2016 67 wells have been converted from inactive to active ones and additional 25,300 tons of oil has been extracted.
During this period gas extraction by the company totaled 3.3 bcm (the plan has been overfulfilled by 103.1%).
In 2015 Azneft extracted 6,778,000 tons of oil and 6.1 bcm of gas. In 2016 the company forecasts to extract 6.3 million tons of oil and 5.6 bcm of gas.
During 2016 Azneft will be ahead of its forecast of hydrocarbon extraction.—0—
Economics
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Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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