Baku / 04.10.17 / Turan: On October 4, SOCAR announced the merger of two structural subdivisions on the basis of the Production Association Azneft. This structure included LLC SOCAR-Umid.
LLC SOCAR-Umid was established in June 2008 with participation of SOCAR (80%) and offshore company Nobel Oil Exploration & Production (Federation of Saint Kitts, 20%). At establishment, the capital of the joint venture was 10,000 manat. Today the authorized capital of LLC SOCAR-Umid is 458 million 985 thousand manat.
The maritime structure of Umid is a gas field. According to exploration estimates, this field has about 200 bcm of natural gas and about 30-40 million tons of condensate. ------08D
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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