Production of all types of oil products, except for black oil, goes down in Azerbaijan
From January to May 2016 oil products production in Azerbaijan went down by 8.8% against the same period last year to 1,084,000,000 AZN.
According to the Azerbaijan State Statistical Committee, from January to May 2016 black oil production went up by 187.4 times from 374,800 tons.
During this period production of petrol dropped by 10.4% to 471,000 tons, virgin petrol – by 15.9% to 79,000 tons, kerosene – by 5.5% to 275,200 tons and diesel fuel by 27.2% to 980,700 tons.
During this period production of lubricating oils dropped by 29.6% to 5,000 tons, oil bitumen – by 14.4% to 47,700 tons and oil coke by 40.4% to 69,300 tons.—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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