In 2013 Azerbaijan extracted 43,500,000 tons of oil, Rovnag Abdullayev, President of State Oil Company of Azerbaijan (SOCAR), said at the event devoted to the annual results.
He said during a year the country also extracted 29,500,000,000 cub.m. of gas.
SOCAR also extracted 8,340,000 tons of oil and 7,150,000,000 cub.m. of gas (this volume includes production by all operation companies, except for Azeri-Chirag-Guneshli (ACG) and Shah-Deniz).
During 2012 Azerbaijan extracted 42,900,000 tons of oil and 26,796,000,000 cub.m. of gas (of which 17,242,000,000 cub.m. is tank 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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