From January to October 2015 oil products production in Azerbaijan decreased by 1.6% to 2,047,700,000 AZN against the same period in 2014.
According to the State Statistical Committee, black oil production increased by 61.3% up to 302,900 tons.
From January to October 2015 petrol production went down by 0.3% to 1,020,500 tons, virgin petrol by 5% to 162,500 tons, diesel fuel by 0.9% to 2,362,800 tons, kerosene by 2.4% to 573,500 tons, lubricating oils by 57.2% to 19,500 tons and oil bitumen by 32.3% to 142,000 tons.
At present Heydar Aliyev oil refinery has been operating in Azerbaijan (specializes in manufacture of light fractions). Since January 1, 2015 Azerneftyag oil refinery (specializes in manufacture of heavy fractions) has been joined to the Heydar Aliyev oil refinery.—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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