Vice President of SOCAR: Hydrocarbons of the country are equivalent to four billion tons of oil and six trillion cubic meters of gas
Evaluation of hydrocarbon resources of Azerbaijan continues to grow,
the First Vice-President of the State Oil Company of Azerbaijan, Khoshbakht Yusifzade, said at the meeting with members of the Business Integration Club "Khazar-Europe."
After the discovery of gas mega-structure of "Shah Deniz", new large gas fields, "Umid" and "Absheron" were opened in the Azerbaijani sector of the Caspian Sea. In addition,
In the future, the structures "Babek", "Nakhchivan", "Asiman", "Shafaq", "Zafar-Meshal" will be developed. Today, the proven gas reserves in all of these structures are estimated at more than 2,5 trillion cubic meters. However, the projected reserves are estimated at six trillion cubic meters.
Proven oil reserves are estimated at 2 billion tons, and the same amount is projected, said Yusifzade. -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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