SOCAR Trading company intends to resume trade ties with Iran, Arzu Azimov, SOCAR Trading Executive Director, said in his interview to Reuters.
“Before introduction of the sanctions against Iran, we have actively worked with the National Oil Company of Iran (NIOC) in the Caspian Sea region. We have a great potential for cooperation,” Azimov added.
He added that these possibilities also include oil products trade: “We can cooperate with Iran in field of oil products trade in the Gulf. We also have the oil storage in Fujairah terminal (UAE).”
He said deliveries of petrol to Iran and purchase of naphtha and liquefied petrol gas (LPG) from Iran could be considered as another option.—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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