In 2015 incomes of SOFAZ from the Shah Deniz gas project totaled $323 million.
Turan reported that during 2014 the Oil Fund received $523 million from sale of natural gas and condensate extracted from the Shah Deniz field. Thus, during last year the Fund’s incomes from the Shah Deniz decreased by $200 million or by 38.2%.
Reduction of the state’s profit from the Shah Deniz field, which are accumulated in the Oil Fund, are connected not only with reduction of gas prices. Last year the companies have started a wide-scale development of the Shah Deniz Phase 2 project. The shareholders’ expenses in the project have increased. According to the government’s forecasts, in 2018 capital costs of the Shah Deniz Phase 2 project will be high and the incomes of the Oil Fund will not be as high as they were before.
According to SOFAZ, from 2001 to 2015 the Oil Fund received $2.4 billion from the Shah Deniz project implementation.
* The Shah Deniz Phase 1 project started in November 2006 and gas export started in early July 2007—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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