In January 2014 State Oil Company of Azerbaijan (SOCAR) exported 1,999,000 tons of oil to the world markets via three routes – Baku-Novorossiysk, Baku-Tbilisi-Ceyhan and Baku-Supsa.
According to SOCAR, 84,739 tons of oil was exported via the Baku-Novorossiysk pipeline. SOCAR’s deliveries via the export pipeline Baku-Tbilisi-Ceyhan (BTC) totaled 1,592,000 tons. In January 2014 SOCAR exported 322,996 tons of oil to the foreign markets via the export route. Profitable oil of Azerbaijan and SOCAR in the Azeri-Chirag-Guneshli (ACG) project was exported via the BTC and Baku-Supsa. Oil extracted from SOCAR’s fields is delivered to the Russian port Novorossisk.—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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