Experts of State Oil Company of Azerbaijan (SOCAR) have been working on the production sharing agreement, which envisages development of onshore fields Muradkhanly-Jafarli-Zardab located 250 km southwest of Baku, a source from SOCAR told Turan’s correspondent.
SOCAR’s partner in the project is the Canadian Zenith Energy Ltd company.
Zenith Energy Ltd has founded Zenith Aran Oil Company Ltd, which will carry out operations on the onshore bloc.
According to the preliminary estimates, SOCAR’s share in the company will be 20%, while Zenith Energy Ltd will have 80%.—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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