In 2015 State Oil Company of Azerbaijan (SOCAR) has spent over 350 million AZN for construction and major repair of the gas distribution network, reads the government’s report, which was released in March for the investors to attract money into the Southern Gas Corridor (funding SOCAR’s share).
According to the report, the funds have been spent to build over 12,000 km of gas pipeline, three measuring junctions, five gas distribution stations and three modular hydraulic power stations.
533.4 km of gas pipelines and 25 hydraulic power stations have been repaired.
As a result of the works, in 2015 Azerbaijan supplied with gas 430 settlements and 12 expanded settlements and 100,000 customers.
By January 1, 2016 number of SOCAR’s gas customers totaled 1.8 million.
By January 1, 2016 investments into the gas pipeline totaled $1 billion, while into the TAP gas pipeline – 600 million Euro.—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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