The French oil company ‘Total’ has confirmed the presence of large gas reserves in the Absheron block in the range 140 to 280 billion cubic meters. According to the press release, this field occupies approximately 270 square kilometers and is located in 100 kilometers to the south-west of Baku. Exploration works started in 2009.
The second phase of exploration provides for the exploration for more accurate determination of the volumes of reserves. In the oil and gas production project in Absheron ‘Total’ owns 40% share, the same belongs share belongs to the state-owned SOCAR, and 20% to the Swiss GDF Suez. -02D-
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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