SOCAR’s investments into the Turkish projects have reached $7.5 billion, Zaur Gakhramanov, head of SOCAR Turkey Energy, daughter company of SOCAR, said in his interview to Bloomberg.
He said despite the risks, SOCAR will continue investing into the projects in Turkey.
“Considering June, SOCAR has invested $7.5 billion into the projects in Turkey and the company will continue investing. Demand in petrochemical products has been growing in Turkey, which has an advantage over natural gas,” Gakhramanov said.
SOCAR has a bloc of shares in Petkim, it has been building Star oil refinery and Trans Anadolu (TANAP) gas pipeline.—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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