Azerbaijani government has again decided to use resources of the State Oil Fund (SOFAZ) to build STAR oil refinery in Turkey.
For this purpose Oil Fund plans to use $204.8 million.
In 2013-2015 $760 million has been spent for this purpose from SOFAZ’s resources.
In early 2015 SOFAZ announced completion of funding Azerbaijan’s share in construction of STAR oil refinery.
100% founder of Star oil refinery is SOCAR Turkiye Enerji, Turkish daughter company of SOCAR, in which 87% share is owned by Azerbaijan. Construction of the oil refinery with the capacity of 10 million tons started in 2014.
Total cost of the project is estimated at $5.65 billion. In June 2014 SOCAR Turkiye Enerji signed the credit agreements with 23 commercial banks to fund Star oil refinery construction. $3,290,000,000 has been borrowed.
By the end of May 2016 68% of works of the oil refinery construction have been completed. It is planned to launch the oil refinery in early 2018.—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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