In his interview to Russian RBC Vagit Alekperov, LUKoil President, refuted the statement that foreign banks cannot allot the company credit, because of the sanctions.
“We have been working with the banks to fund our projects, including the Shah Deniz project,” Alekperov added.
He said “the company has been negotiating with EBRD and we already have confirmation that the funding will be ensured.”
He also added that LUKoil has been working with the Asian countries to fund the company’s projects in Uzbekistan.
“The markets are not closed for us, but we failed to place our bonds,” he explained.
In the near future LUKoil plans to get a credit worth $500 million from EBRD and $450 million worth credit from Asian Development Bank (ADB) to fund its 10% share in the Shah Deniz-2 project.—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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