From January to March 2016 State Oil Company of Azerbaijan (SOCAR) exported 599,600 tons of Azerbaijani oil transported via the Baku-Supsa oil pipeline from the Supsa terminal.
SOCAR press office reported that in quarter 1, 2015 SOCAR exported 762,029 tons of oil from the Supsa port. Thus, from January to March 2016 SOCAR’s oil shipment from the Supsa port decreased by 21.4%.
Oil extracted from the Chirag field, which is developed by BP-Azerbaijan company, is exported to the world markets via the Baku-Supsa pipeline.
* In 2015 SOCAR exported 2,794,905 tons of oil from the Supsa port.—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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