SOCAR receives orders for engineering and geological works in Russian sector of Caspian sea
In the coming days SOCAR Department for Geophysics and Geology plans to start engineering and geological works on Korchagin field in the Russian sector of the Caspian Sea, which is being developed by LUKoil.
A source from the Department said the research vessels of Azerbaijan will be used in the geological works. Korchagin field is located 180 km away from Astrakhan and 240 km away from Makhachkala. The sea depth in the field is 11-13 meters.
From June to August 2012 SOCAR Department carried out engineering geological drilling on Hazri field on the south of the Russian sector of the Caspian Sea. During the works, which were carried out using Zokhrab Veliyev vessel, they took samples of the sea bottom. Those works were ordered by Latvian Morinzhgeologiya JSC.-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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