From January to September 2013 investments into Azerbaijan’s oil industry totaled 3,913,000,000 AZN ($5,016,000,000 at the current exchange rate), a source from the State Statistical Committee said.
They constituted 33.1% in total volume of investments into economy. Investments into the oil industry increased by 1,355,000,000 AZN against the same period last year.
During 2012 investments into the Azerbaijan oil industry totaled 3,648,000,000 AZN ($4,676,000,000 at the current exchange rate). Investments into the oil industry increased by 17% against 2011.
The investments into the oil industry have increased, because of implementation of the oil and gas projects such as Chirag Oil and Shah Deniz Phase 2. They constituted 23.8% in total volume of investment in economy of the country. –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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