The number of SOCAR Vice Presidents increased from 10 to 12. This was preceded by a decree of President Ilham Aliyev "On improvement of SOCAR structure" dated March 17, 2016.
According to the decree, the new positions of Vice Presidents for Geology and Geophysics and Mining were introduced in the company's management structure. In addition, the staff of two Vice Presidents - First Vice-President and Vice-President for Oil and Gas Transportation – was converted.
By the order of President Ilham Aliyev on April 18, Khoshbakht Yusifzadeh was appointed the First Vice President. Rahman Gurbanov was appointed Vice President for Oil and Gas Transportation, Bahram Huseynov was appointed Vice President for Geology and Geophysics, and Yashar Latifov was appointed Vice President for Field Development.
Bahram Huseynov had previously been assistant to Khoshbakht Yusifzadeh for Geology and Yashar Latifov was an assistant to Rovnag Abdullayev for the Azeri-Chirag-Guneshli project. Both worked as managers in BP-Azerbaijan.
SOCAR President Rovnag Abdullayev stated that these changes are among the measures for the modernization of the administrative apparatus. -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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