Session of AIOC managing committee in Baku
Last Friday the Managing Committee of the Azerbaijan International Operation Company (AIOC), which is involved in development of Azeri-Chirag-Guneshli (ACG) offshore fields development (operated by BP), had a session in Baku, Rovnag Abdullayev, President of State Oil Company of Azerbaijan (SOCAR), said.
He said results of the AIOC activities in 2013 were discussed at the session. “We are satisfied with the AIOC activities last year: at first – we had success in the production area (it was stabilized) and secondly, Chirag Oil Project was successfully completed,” said SOCAR President.
Abdullayev also added that at the session the sides have considered the AIOC’s goals for this year.
BP-Azerbaijan President Gordon Birrell said earlier that during 2013 ACG extracted 32.5 million tons of oil. Production of the first oil within the framework of Chirag Oil Project started on January 28, 2013. This year we expect to extract additional 3 million tons of oil from this project. However, production on ACG will go down, because extraction will be completely suspended on Central Azeri and Western Azeri platforms for several weeks for repair.—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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