From January to July 2015 the Caspian Pipeline Consortium (CPC) has increased oil pumping by 2.5 million tons up to 25.02 million tons against the same period last year, reads the statistical information of the company.
It was earlier forecasted that in 2015 CPC will increase pumping up to 45-46 million tons against 40 million in 2014.
1511-km-long CPC oil pipeline is the biggest oil transportation route from the Caspian Sea to the Black Sea coast. Oil extracted in Russia is pumped into the system on the Kropotkin oil pumping station in Krasnodar region.
The CPC shareholders include Russia (in the person of Transneft and CPC Company) – 31%, Kazakhstan (represented by KazMunaiGas and Kazakhstan Pipeline Ventures LLC) – 20.75%, Chevron Caspian Pipeline Consortium Company — 15%, LUKARCO B.V. — 12.5%, Mobil Caspian Pipeline Company — 7.5%, Rosneft-Shell Caspian Ventures Ltd — 7.5%, BG Overseas Holding Ltd — 2%, Eni International H.A. H.V. S.ar.l. — 2%, Oryx Caspian Pipeline LLC — 1.75%, reported http://ria.ru. --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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