In 2016 Azerbaijan plans to export on average 650,000 barrels of Azeri Light oil a day, reliable sources from State Oil Company of Azerbaijan (SOCAR) told Turan.
Azeri Light oil is extracted on the bloc of Azeri-Chirag-Guneshli (ACG) fields in Azerbaijan. Condensate from the offshore field Shah Deniz is sold under the same brand name.
Last week average price of Azeri Light oil was$36.11 per barrel, down $1.46 against the same period last week.
Azerbaijan trades Azeri Light through the Turkish port Ceyhan and Georgian ports Batumi and Supsa. It is pumped to Ceyhan via the Baku-Tbilisi-Ceyhan (BTC) pipeline and to Georgia via the Baku-Supsa pipeline and also by railway.—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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