During 2015 Azerbaijan has extracted 41,689,000 tons of oil, including gas condensate, which is down 0.8% against 2014, according to the report of the Azerbaijan State Statistical Committee.
According to the report, in 2015 the country extracted 41,605,000 tons of tank oil and condensate, down 0.7% against 2014.
Last year Azerbaijan exported 35.1 tons and the remaining volume was refined by two SOCAR’s oil refineries.
According to the governmental forecasts, this year it is planned to extract 40.7 million tons of oil and condensate. However, the production companies told Turan that the production will be about 40.2-40.3 million tons.—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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