During 2013 Azerbaijan oil and gas industry attracted over 82% of entire foreign investments
During 2013 foreign investments into Azerbaijan’s economy totaled $6.3 billion, where share of the oil and gas industry constituted 82.4%, reads the payment balance of the country for fiscal year 2013 posted on the web site of the Central Bank of Azerbaijan.
CB mentioned in its report that the investments in the oil and gas industry have been mainly spent for development of the Azeri-Chirag-Guneshli (ACG) offshore fields (operated by BP) and gas condensate field Shah Deniz (operated by BP).
The payment balance also mentioned that in 2013 $1,108 billion was invested into the non-oil sector of Azerbaijan, which constituted 17.6% of all foreign investments.—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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