Until now State Oil Fund of Azerbaijan (SOFAZ) spent $844 million to fund the republic’s share in construction of Star oil refinery in Turkey.
SOFAZ reported that out of total cost of the project of $5.6 billion $844 million has been allocated from SOFAZ’s budget to fund Azerbaijan’s share in construction of STAR oil refinery, of which $84 million during 6 months, 2016.
In 2016 a total of $204.8 million will be allocated from SOFAZ for this purpose.
In 2013-2014 SOFAZ spent $760 million for construction of STAR oil refinery. In early 2015 SOFAZ said it is going to stop funding the project, but resumed the funding this year after amendments to the SOFAZ’s budget for fiscal year 2016.
Foundation of Star oil refinery with the capacity of 10 million tons of oil a year was laid on October 25, 2011 in Izmir. The plant is planned to be launched in early 2018. In June 2014 SOCAR Turkiye Enerji signed credit agreements with 23 commercial banks to fund construction of STAR oil refinery. $3.29 billion has been borrowed.
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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