The SOCAR signed an agreement with the Italian company KT-Kinetics Technology S.p.A for the construction plant for the production of sulfur in the framework of the modernization of the Baku Oil Refinery named after Heydar Aliyev.
SOCAR president Rovnag Abdullayev says that after the reconstruction of the refinery processing capacity will increase from 6 million to 7.5 million tons per year. In this case, the catalytic cracking unit capacity will increase from 2 million to up to 2.5 million tons per year.
The modernization project includes the establishment of petroleum products that meet Euro-5 standards. SOCAR has chosen KT-Kinetics Technology S.p.A the licensor of construction, reported SOCAR.-06D—
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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