From January to July 2014 State Oil Company of Azerbaijan (SOCAR) increased assignments to the budget by 21.5% against the same period last year up to 1,117 billion AZN ($1.42 billion), reported SOCAR.
In 2013 SOCAR transferred to the state budget 1.57 billion AZN, up 149.51 million AZN (10.48%) against 2012.
From January to July 2014 SOCAR transferred 83.5 million AZN to the State Social Security Fund.
The assignments to the Social Security Fund in 2013 totaled 162.91 million AZN, up 2.98% against 2012.
* SOCAR includes 22 production companies, plants, departments and other structures.—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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