KazMunaiGas (KMG) national oil and gas company and French Vallourec & Mannesmann Tubes company have signed the memorandum of mutual understanding envisaging cooperation in field of establishment of manufacture of high-quality connection elements for the oil and gas pipes.
The press release reads that Vallourec & Mannaesmann Tubes, the world leading maker of seamless steel pipes and high quality connection elements for the oil and gas pipes, intends to create a pipe-threading plant specializing in manufacture of high quality connection elements in Kazakhstan.
The project will be implemented as a part of the program of cooperation between the two countries in field of technologies and attraction of industrial investments in Kazakhstan.—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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