From January to August 2012 SOCAR extracted 5,494,000 tons, down by 2.5% against the same period last year.
According to SOCAR, in January they extracted 706,638 tons of oil, in February - 660,942 tons, in March - 660,900 tons, in April - 684,300 tons, in May - 700,900 tons, in June - 678,500 tons, in July - 700,900 tons and in August - 701,800 tons.
From January to August 2012 oil and gas producing companies of SOCAR extracted 4,567,000,000 cub.m. of gas, increased by 18.29 million cub.m. or by 0.4% against the same period last year.
In August 2012 SOCAR extracted 572.3 million cub.m. of gas.
According to the forecasts, in 2012 Azerbaijan will extract 28.8 billion cub.m. of gas. Of this volume 8 billion cub.m. will be gas from the offshore gas condensate field Shah-Deniz, 13.1 billion cub.m. associated gas from Azeri-Chirag-Guneshli fields and 7.18 billion cub.m. will fall to SOCAR.-0-
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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