SOCAR has been working on various options of efficient use of the Baku-Novorossisk oil pipeline.
SOCAR President Rovnag Abdullayev told journalists that if he fails to find agreement on the Azerbaijani oil deliveries via the Baku-Novorossisk pipeline, the oil pipeline could be used in a reverse regime.
"We have various options: Russian companies could use the pipeline and other Azerbaijani export pipelines to transpoirt their oil to various markets. On the other hands, in the future Russian oil could be delivered to a new petrochemical complex in a reverse regime," Abdullayev explained.
The new petrochemical complex, which will be comprised of a modern oil refinery with the capacity of 10 million tons a year is planned to be put into operation at the end of 2020.-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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