In January-October 2016, the oil and gas sector of Azerbaijan was invested 7.91 billion manat against the 5.91 billion manat in the same period of 2015 (24.2% growth), according to the State Statistics Committee in 10 months of 2016.
During the reporting period, the total investment in the industrial sector in Azerbaijan amounted to 7.95 billion manat, which is on the comparative prices 14.2 percent less than in January-October 2015.
Of these funds 7.14 billion manat was invested in the mining industry for the period, which is 12.8 percent less than in January - October 2015.
Why do investments in the oil and gas sector grow? After all, the oil price is twice lower, and companies in such conditions tend to reduce their investments. The fact is that the large-scale project Shahdeniz-2 is being implemented in Azerbaijan. In fact, the costs of this year are in the peak period. -12D--
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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