From January to April 2016 SOCAR has shipped 239,536 tons of oil exported via the Baku-Novorossiysk oil pipeline from the Novorossiysk port.
From January to April 2015 SOCAR has shipped 508,486 tons of oil from the Novorossiysk port. Thus, from January to April 2016 volume of oil shipped by the company from the Novorossiysk port dropped by 52.9%.
In April 2016 SOCAR has shipped 159,599 tons from the Novorossiysk port.
SOCAR reported that in April 2016 Urals oil’s average price was $40.48 per barrel.—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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