In the future Iran will return to the global oil and gas market, but not in the near future, said Peter Wozer, head of Royal Dutch Shell concern.
In 2010 US and EU have introduced additional restrictive measures against Islamic Republic of Iran, which were applied particularly to the oil and gas industry. Several big companies, including Royal Dutch Shell, Dutch-Swiss traders Vitol Holding and Trafigura and Swiss trader Glencore have suspended petrol deliveries to this countries.
“We know about the situation concerning Iran, international sanctions were applied to this country and one should fine political solution to the problem. But I think in the future Iran will be able to come back and become a participant of the oil and gas market and find a political solution to the problem,” said head of the company at the Oil & Money conference in London.
Iran has been selling oil at its own exchange since 2008.—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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