Azerbaijan’s state oil company SOCAR will additionally produce 29,200 tons of oil thanks to the commissioning of a new well, said SOCAR. The well is being drilled at the Gunashli offshore field in the Azerbaijani sector of the Caspian Sea. The projected depth of the well is 2,850 meters, and the well yield is expected…
Total volume of individuals’ deposits in Azerbaijani banks amounted to 7.76 billion manats according to the results of Q2 2016, and the volume of insured deposits – to 5.66 billion manats, said a message from Azerbaijan Deposit Insurance Fund (ADIF). “Portfolio of insured deposits decreased by 543 million manats (8.8%) during the reporting period QoQ,…
Azerbaijan has made significant progress in financial transparency, said the report of the US Department of State. “Azerbaijan made significant progress during the review period by publishing more detail on planned expenditures, including allocations to state-owned enterprises”, said the 2016 Fiscal Transparency Report. Fiscal Transparency Report describes the minimum requirements of fiscal transparency developed, updated,…
Azerbaijan’s state oil company SOCAR continues to pump oil via the Baku-Novorossiysk pipeline as scheduled. “Pumping of August volumes of oil started this morning (August 1), and we haven’t received any information on its suspension so far”, the company said. “Maybe at some stage the transportation will stop for a while, but the pumping is…
Azerbaijan’s state oil company SOCAR doesn’t see progress in the project for construction of an underground gas storage facility in Georgia for the present, a source in SOCAR said. Currently, Georgia is waiting for completion of the project’s feasibility study by the French Geostock company, the contractor of the project. “The full and comprehensive feasibility…
Azerbaijani state oil company SOCAR and French Total have activated work on the development project of the Absheron gas field in the Caspian Sea, a source on the oil and gas market of Azerbaijan said. “The parties are completely satisfied with the negotiations”, the source said. “The signing of a large number of contracts is…
The international ratings agency Moody’s Investors Service has confirmed Azerbaijan’s long-term issuer and senior unsecured debt ratings at Ba1 and assigned a negative outlook. Azerbaijan’s rating was changed in February, and the outlook on it was changed to “negative” in April. Earlier, the international ratings agency Fitch Ratings also approved of the long-term issuer default…