According to the Azerbaijan State Statistical Committee, during the first two months 2013 production of oil and condensate decreased by 3.6% or 300,000 tons (more than 2.2 million barrels) against the same period last year and totaled 7.2 million tons.
The oilmen managed to reduce the pace of oil production decline - in January and February 2012 the production decreased by 5.1% against the same period in 2011.
According to the Statistical Committee, during this period production of tank gas in the country totaled 2.9 billion cub.m., down 5% against January and February 2012.
According to the government’s forecast, this year Azerbaijan plans to produce 40,820,500 tons of oil and condensate and 28,822,700,000 cub.m. of gas (including technical gas, which is injected into the oil wells to maintain bed pressure).—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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