Azerbaijan exported in January-June this year oil and gas production for a total of more than $ 16.2 billion, or $ 1.26 billion or 7.2% less than in the corresponding period of 2011. The share of oil and gas exports amounted to 94.1% of the total merchandise exports of the country, which is 1.6% less than in the previous year.
According to the balance of payments, the total volume of oil exports for the period $ 14.8 billion (for the first half of 2011 - $ 15.9 billion), or 95% was contributed by crude oil, $ 805.3 million - the share of petroleum products. In the structure of exports of crude oil price produced the Azerbaijan International Operating Company (AIOC) of oil was $ 13.9 billion ($ 14.9 billion). During the reported period, other companies of the country exported oil at $ 908.1 million ($ 914.3 million), including $ 839.1 million ($ 862.9 million) - State Oil Company.
Gas exports for the six months were approximately $ 605 million (for the same period in 2011 - $ 765 million). - 15B -
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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