In January 2016 State Oil Fund (SOFAZ) received $442 million from sale of profitable oil from the bloc of Azeri-Chirag-Guneshli (ACG) fields.
Since 2001 till February 1, 2016 $117.5 billion was transferred to SOFAZ from sale of profitable oil of Azerbaijan from the ACG bloc, SOFAZ added.
In 2015 SOFAZ’s income from sale of profitable oil from the ACG totaled $6.9 billion against $15.2 billion last year.
Profit of the state from sale of profitable oil has been going down every year. In January 2016 it dropped to the minimum, because average export price of BTC FOB Ceyhan oil totaled $32.33. Last year the state made $550-600 million a month from the ACG project.—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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