The press service of SOCAR issued information about the meeting held on December 31 on the results of 2015 year. The president of SOCAR Rovnag Abdullayev said that the year was hard for all oil and gas companies in the world. Against the backdrop of the current economic situation in the world of the productive results of Azerbaijan in 2015 were satisfactory. Rovnag Abdullayev called important the construction of Trans-Anatolian gas pipeline (TANAP), oil refinery "Star", and the port "Petlim".
"Projects implemented in Azerbaijan successfully continue, however, to optimize costs the company's transition to the saving regime must be accelerated," said the head of SOCAR.
Rovnag Abdullayev said that the saving regime does not apply to the safety of people during the ongoing operations as this is a priority. Abdullayev said that in 2016 the priority is to ensure the stability of SOCAR.
There was an exchanged views on revision the policy of logistics of offices and agencies of SOCAR, cost optimization and governance, strengthening the saving regime. SOCAR President gave specific instructions to strengthen the stability of the company.
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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