The fall in world oil prices below $ 40 has forced SOCAR to switch to saving mode. The SOCAR President signed an order to preserve financial stability and optimize the costs.
As the press service of SOCAR said, its entities are tasked "not to the detriment of technological processes" to revise the cost estimates, staff positions, and direct financial resources to the most highly profitable areas.
It is also ordered to draw up a list of hazardous production facilities, the insurance of which is advisable.
SOCAR has also limited the funding of socially-oriented facilities, sponsorship and charity activities. It is introduced saving transport and communication costs, the procurement of office supplies and other expenses.
The company has limited holding of exhibitions, conferences, symposia and their financing. The terms of foreign travels are controlled.
Also, the company has enhanced control over the procurement of goods, works and services to ensure the continuity of the process of production, transportation and processing of oil and gas.
From January 1, 2016 there will be fundamental changes in the provision of operations of the SOCAR missions. -03D-
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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