The contract between Transneft and State Oil Company of Azerbaijan (SOCAR) envisages that 1.4 million tons of Azerbaijani oil could be pumped via the Baku-Novorossiysk oil pipeline in 2016, Advisor of President of the Russian pipeline monopoly Transneft, press officer Igor Demin told the Oil Information Agency.
He said a separate agreement will be needed to deliver SOCAR’s oil via Makhachkala.
“At the moment we do not have it,” he said.
From January to November 2015 SOCAR has shipped 1.3 million tons of oil from the Novorossiysk port, which was exported via the Baku-Novorossiysk oil pipeline, which is up 36.2% against the same period last year. In 2014 SOCAR shipped 932,200 tons of oil from Novorossiysk.
Since 1997 Azerbaijan has been transporting its oil via the Baku-Novorossiysk pipeline.—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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