In quarter 1, 2016 SOCAR Gas (SOCAR’s daughter company SOCAR Turkey Energy) sold 330.4 mcm of gas to the amount of $84.2 million at Turkey’s local market, Vagif Aliyev, chief of SOCAR’s Investments Department, said yesterday at the meeting with local NGOs.
“In quarter 1, 2016 sale of SOCAR’s natural gas in Turkey totaled 330.4 mcm. Total income from gas sales reached $84.2 million,” he added.
According to the agreement with the Turkish side, in 2016 the volume of gas, which SOCAR could sell at Turkey’s local market, totaled 1.2 bcm.
The company supplies Petkim petrochemical complex with gas.
At the end of 2014 SOCAR Gas received a license from Turkish regulating agencies for sale of gas at the local market.—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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