Between 1994 and 2014 over $62 billion has been invested into the Azerbaijani oil and gas industry within the framework of the production sharing agreements (PSA), reads the article by Rovnag Abdullayev, SOCAR President, published in Azerbaijan newspaper.
Over 20 international companies were involved in the oil and gas operations in the Caspian Sea as a part of the Contract of the Century.
“SOCAR and its daughter companies are partners of the PSA, which have been signed with 27 companies from 15 countries,” reads the article.
From January to July 2015 4.1 billion AZN has been invested into the Azerbaijani oil industry, up 18.84% against the same period last year.—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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