SOCAR company will submit to the Azeri-Chirag-Guneshli project partners a draft of the new contract for development of deep lying gas on this bloc in the Azerbaijani sector of the Caspian Sea, high-ranking representative of SOCAR said. He said work on the draft contract is almost completed. "We are completing work on the draft of the contract. Work on the draft does not mean that it will be signed, because it needs to be coordinated. As soon as it is ready, we will submit it to BP and other partners and then we will start talks. I think we will find an agreement," said the same source. SOCAR's representative said that the contract, which will be signed by all partners of the project, will be concluded in a new format. "This will be the Risk Service Agreement (the contract with a minimum guarantee of repayment). The contract will be approved in parliament," he said.
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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