SOCAR plans to begin construction of a new gas refinery to the south of Baku in mid-2014, a source from SOCAR told Turan.
The plant will be a part of a new petrochemical and oil refining complex (OGPC) with the initial cost of $17 billion (together with the bank interest rates).
SOCAR's representative also said that feasibility study of the gas refinery must be completed by the end of 2013. By that time it is planned to summarize results of the tender for construction of the future project. Then preparation for construction will begin and the actual construction works will begin in summer 2014.
The initial capacity of the gas refinery will be 6 billion cub.m. a year and then it is planned to double the refining capacity.
The new gas refinery will be built on the border of two regions - Baku's Garadag and Absheron. It will be located 60 km south of Baku.-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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