The government's forecast of oil and gas production, which was reflected in the state budget for fiscal year 2013, is of preliminary character, a source from SOCAR told Turan.
The same source said that the more exact data will be available when the international consortium for development of Azeri-Chirag-Guneshli offshore fields defines the plans of oil production volume on the contract area. This will not happen earlier than end of November 2012. By that time the Managing Committee should approve the work plan for the next year and approve the consortium's budget for fiscal year 2012. The production volume could be forecasted on the basis of that budget.
The preliminary discussion of the draft of state budget for fiscal year 2013 completed in parliament on November 15, 2012. Yesterday Milli Mejlis introduced some amendments into the draft of state budget and submitted it to the government to finish it off. The Deputies did not lay any claims to the oil and gas industry.
* According to the draft of state budget, in 2013 it is planned to extract 40,850,500 tons of oil and condensate and 28,822,700,000 cub.m. of gas. According to the forecasted corrected by the government in October, this year it was planned to extract 42,932,000 tons of oil and 27,120,000,000 cub.m. of gas.-0--
Economics
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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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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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