Investments of the Norwegian oil company Statoil into the projects in Azerbaijan totaled $5 billion, Senior Vice President of SOCAR Khoshbakht Yusifzada said during the seminar “Days of Norway in Baku.”
He said at present Statoil has been studying the secondary sediments onshore of Azerbaijan. “The Norwegian company has been also working within the framework of the memorandum on mutual understanding for exploration and development of Zafar-Mashal fields. Statoil plans to repeatedly process 3D seismic survey data earlier carried out on these fields. The company has been working with the Azerbaijani state agencies to obtain permission to conduct these works,” he said.
Statoil-Azerbaijan Manager Tangay Kosmao said that in 2002 ExxonMobil company drilled the first exploration well on Zafar Mashal, but it has brought no results. “We will try to successfully carry out the drilling works for the second time,” he added.
Statoil opened its office in Baku in 1992.—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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