Today in Istanbul there was a ceremony of signing the loan agreement between SOCAR and 23 financial institutions totaling $ 3.29 billion in the project of building a new refinery, Star, in Izmir.
According to the report by SOCAR Turkey Energy ("daughter" of SOCAR), the Turkish side in the signing was attended by Energy Minister Taner Yildiz, Minister of Science and Industry Fikri Ishik, and Azerbaijan was represented by Energy Minister Natig Aliyev, the Minister of Economy and Industry Shahin Mustafayev, SOCAR head Rovnag Abdullayev, the Executive Director of the State Oil Fund of Azerbaijan Shahmar Movsumov, the head of the petrochemical complex Petkim, SOCAR Investment Department head Vagif Aliyev, SOCAR Vice President Suleyman Gasimov and the President of SOCAR Turkey Energy Kenan Yavuz.
Note that of the total loan package, $ 2.69 billion was issued for 18 years (grace period - 4 years) and the remaining $ 600 million – for 15 years (grace period - 4 years). The loan package is formed from the funds of export-import banks (Spain, Italy, Japan, the U.S. and South Korea) and 16 commercial and investment banks. -12D-
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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