From January to August 2015 State Oil Company of Azerbaijan extracted 5,539,300 tons of oil, down 1.4% against the same period in 2014.
According to SOCAR, in August 2015 the company extracted 699,200 tons of oil.
In 2014 total volume of oil production in Azerbaijan totaled 41.9 million tons, of which 8,402,500 tons was extracted by SOCAR.
It was earlier reported with reference to SOCAR Vice President for Production and Transportation Rakhman Gurbanov that in 2015 SOCAR is forecast to extract 8.3 million tons of oil.—0—
Economics
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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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