In January 2014 State Oil Company of Azerbaijan (SOCAR) shipped 84,739 tons of oil from the Novorossiysk port.
SOCAR press office reported that volume of oil exported via the Baku-Novorossiysk oil pipeline is 32 times higher against the same period last year.
During 2013 SOCAR exported 1,751,023 tons of oil via the northern route.
Since October 25, 19997 Azerbaijan has been exporting its oil via the Baku-Novorossiysk pipeline.
The agreement on Azerbaijani oil transportation via the Baku-Novorossiysk pipeline signed between Azerbaijan and Russia is valid till February 14, 2014.—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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