Last week SOCAR and Itochu Corporation have held talks on the perspectives of participation of the Japanese company in the project of creation of a new gas refining and petrochemical complex (OGPC) in Azerbaijan, reported SOCAR.
SOCAR reported that this issue has been discussed at the meeting between the SOCAR delegation led by its President Rovnag Abdullayev and Itochu Senior Vice President, chairman of the Japanese-Azerbaijani Committee on Economic Cooperation Yoichi Koibashi and Itochu Executive Director Takashi Yasuda.
SOCAR’s President Rovnag Abdullayev has also had a meeting with Isao Iiidzima, Envoy for Special Affairs of Japanese Premier, during which he has expressed interest of participation of the Japanese companies in the projects implemented in Azerbaijan. Total cost of the OGPC Phase 1 is estimated at $7 billion ($8.45 billion considering credits interest rates).—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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