The Israel government has reached an agreement with the US-Israel oil and gas consortium Noble Energy to develop a big Mediterranean gas field Leviafan.
The agreement envisages limitation of price of the gas extracted on the field to be sold to Israeli companies.
Noble Energy has also committed itself to invest $1.5 billion until 2020. The contracts with the consumers must be signed no later than 2018.
The company has also committed itself to start gas supplies to the consumers until the end of 2020, because otherwise the Israeli government has reserved the right to terminate the agreement on a unilateral basis.
Leviafan is one the world biggest gas field discovered in the 2000s. The field was discovered in 2010 and its resources could reach up to 450 billion cub.m. of gas. Noble Energy has started exploration of the field on July 18, 2014. The field is planned to be put into operation in 2016-2017.—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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