In 2015 it is forecast to extract 30.3 million tons of oil from the Azeri-Chirag-Guneshli (ACG) bloc (operated by BP), Rakhman Gurbanov, State Oil Company of Azerbaijan (SOCAR) Vice President for Production and Transportation, said at the Caspian Oil & Gas 2015 conference.
He said in 2014 31.4 million tons of oil was extracted from the ACG bloc. According to the official report of BP-Azerbaijan company, in 2014 31.5 million tons of oil was extracted on ACG, down 700,000 tons against 2013.
* The peak of oil production on the ACG was registered in 2010 – that time 40.2 million tons of oil was extracted.—0—
Economics
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According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
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The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
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Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
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Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
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