In October 2013 cost of 1 barrel of BTC FOB Ceyhan at the world market reached $110.65 and dropped by $4.21 against September, reported SOCAR.
In October 2013 price of 1 barrel of crude Brent oil at the world market was $109.04, down by $2.85 against September 2013. In October 2013 Urals oil was sold at the price of $108.28 per barrel, down by $2.64 against September. Azerbaijani oil transported via the Baku-Tbilisi-Ceyhan pipeline is sold under BTC FOB Ceyhan brand name. Oil exported via the Baku-Novorossiysk pipeline is sold under Urals brand, because it is mixed with other brands of oil.—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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