Azerbaijan and Iraq have agreed to jointly develop the oil and gas projects in Iraq, reads the information posted on the web site of the Azerbaijan Energy Ministry.
The memorandum on mutual understanding for development of oil and gas projects in Iraq was signed between Azerbaijani Energy Ministry and Iraqi Oil Ministry in Baku yesterday.
Azerbaijani Energy Minister Natig Aliyev said at the meeting with Iraqi Oil Minister Adil Abdulakhmadi that rich energy resources, which both countries possess, open wide possibilities for expanding of bilateral cooperation. Azerbaijani Minister added that the memorandum will become the basis for expansion of the future cooperation.
Aliyev said that mutual relationships between the two countries must not be limited only to the energy sector, but must be expanded in various fields. He believes that the document will create such a possibility.
Iraqi Oil Minister Adil Abdulakhmadi was the most important guest at the Caspian Oil & Gas 2015 exhibition yesterday (except him there were none Oil Ministers).
According to Turan, delegation of State Oil Company of Azerbaijan (SOCAR) has recently visited Baghdad and the Iraqi side has offered it to consider the possibility of development of oil fields. SOCAR’s experts have been studying the options of SOCAR’s participation in the projects.—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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