In January-September the State Oil Fund of Azerbaijan (SOFAZ) received $ 5 billion 499 million from the sale of profit oil from the Azeri-Chirag-Guneshli (ACG) oilfield and gas from the Shah Deniz field.
According to the Fund, most of the revenues ($ 5 billion 225 million) were the share of profit oil, while the remaining $ 274 million was profit gas from Shah Deniz. From the beginning of the accumulation of finances of SOFAZ (early 2001) to October 1 this year, through the sale of oil from ACG the Fund received $ 115 billion 376 million and from the sale of gas from Shah Deniz since early 2007 it received $ 2 billion 394 million.
The participants of the ACG project are SOCAR (11.65%), BP (35.78%), Chevron (11.27%), ExxonMobil (8.0006%), Indian ONGC Videsh Limited (2.72%), the Japanese companies Inpex (10.96%) and Itochu (4.3%), Statoil (8.56%) and the Turkish company TPAO (6.75%).
Participants of the project Shah Deniz are SOCAR (16.7%), BP (28.8%), Petronas from Malaysia (15.5%), LUKoil (10%), NICO (10%), and TPAO (19%). In both projects, the operator is BP.--17D—
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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