From January to May 2015 extraction of oil, including gas condensate, in Azerbaijan totaled 17,635,800 tons, down 0.8% against the same period in 2014, reads web site of the Azerbaijan State Statistical Committee.
From January to May 2015 gas production in Azerbaijan totaled 12,187,800,000 cub.m. (decline by 4.7%).
SOCAR has earlier reported quoting Rakhman Gurbanov, SOCAR Vice President for Extraction and Transportation, that in 2015 it is forecast to extract 40.7 million tons of oil and 30.2 billion cub.m. of gas in Azerbaijan.—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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