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Cabinet of Ministers holds expanded meeting

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By Trend

An expanded meeting of the Azerbaijani Cabinet of Ministers was held under the chairmanship of Prime Minister Ali Asadov on Sept. 24, Trend reports with reference to the Cabinet of Ministers.

The meeting was dedicated to the discussion of the draft state and consolidated budgets for 2022 and indicators of consolidated budgets for the next three years.

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Armenian Aggression

Azercell offers a new Wi-Fi campaign!

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Those purchasing a 4G modem will get 50 Gb free internet

Ensuring the benefits of high-speed internet are shared by everyone, Azercell Telecom is launching a new Wi-Fi device campaign. Thus, the campaign offers the latest Wi-Fi modem plus monthly 50GB internet for only 129 AZN. Another advantage of this modem, which supports both 4G and 3G networks, is the ability to connect up to 32 wireless devices simultaneously to shared high-speed Internet. Azercell’s Wi-Fi modem is versatile enough to connect not only smartphones, but also computers, laptops, tablets, printers and TVs to the network.

It is worth noting that, the new 4G Wi-Fi modem is designed to operate both at home and office. You can carry this small and lightweight device and enjoy the Internet anywhere. Besides, it is not necessary to stay close to the modem, as its wide coverage allows the devices at a radius of 15-20 meters to have access to stable Internet. On the other hand, the modem features a modern look, which will ideally match with the interior design of any home or office.

To join the campaign immediately and enjoy high-speed internet, just apply to the nearest Azercell sales point. As a part of the campaign, each Azercell Wi-Fi Modem is provided with a data number in the "Data tariff" and 50GB data pack.

Join Azercell’s new Wi-Fi campaign and access high-speed internet immediately!

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Italy Azerbaijan’s largest trade partner in Jan-Sep

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By Ayya Lmahamad

Italy was Azerbaijan's largest trade partner in January-September 2021, with the trade turnover between the two countries amounting to $5.9 billion, the State Customs Committee has reported.

Of the total turnover, the export of Azerbaijani products to Italy amounted to $5.6 billion, while imports from Italy were $327.9 million.

The trade turnover between the two countries amounted to $3.4 billion during the corresponding period of 2020. Thus, the trade turnover between the two countries increased by $2.5 billion.

It should be noted that last year Italy was Azerbaijan's main trade partner as well, with a trade turnover amounting to $4.5 billion.

Azerbaijan is one of Italy’s main energy resources suppliers. Over 100 Italian companies, operating in various fields, are registered in Azerbaijan. In addition, Italian companies have contracts worth over € 10 bn ($11.8bn) for Azerbaijani projects both outside and inside the country.

Azerbaijan’s overall investment in Italy’s economy is estimated at 1.7 billion euros ($2bn), while Italy invested about 770 million euros ($910.8M) in Azerbaijan.

Moreover, Azerbaijan accounts for more than 90 percent of Italy’s total trade with the South Caucasus countries. Azerbaijan is the main destination of Italian exports to the South Caucasus region, with a 7 percent increase in 2020 as well.

Additionally, Italy was one of the first countries that voiced its support for Azerbaijan’s territorial integrity and later on interest in participation in restoration works carried out in Azerbaijan's liberated territories. Thus, Italy and Israel have already started the implementation of a joint project to turn the liberated Zangilan region into a smart city.

Azerbaijan’s overall trade turnover amounted to $22.9 billion during the first nine months of 2021. Of the total turnover, export amounted to $14.6 billion or 63.6 percent, while import was $8.3 billion or 36.3 percent, resulting in a surplus of $6.2 billion.

Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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SOFAZ revenues from oil, gas fields hit $4.2bn

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By Ayya Lmahamad

The Azerbaijani State Oil Fund (SOFAZ) revenues from the country’s major oil and gas fields amounted to $4.2 billion in January-September 2021, SOFAZ has reported.

The Azeri-Chirag-Guneshli block of fields, which are the largest oil field in the Azerbaijani sector of the Caspian Sea, accounted for $3.9 billion of this revenue.

The fund’s revenues from the Shah Deniz field, which is among the world’s largest gas-condensate fields, amounted to $329.1 million, including $109 million from condensate, in the first nine months of the year.

Earlier, it was reported that SOFAZ sold funds in the amount of $4.3 billion at foreign currency auctions during the reported period.

The fund's revenues from the country’s major oil and gas fields amounted to $3.8 billion in 2020, with Azeri-Chirag-Guneshli (ACG) accounting for $3.5 billion of this revenue and Shah Deniz for $293.9 million.

Established in 1999, SOFAZ is a sovereign wealth fund, which accumulates and preserves Azerbaijan’s oil and gas revenues for future generations.

The fund accumulates income from the sale of oil contracts, and in 2003 it started to make transfers to the state budget of Azerbaijan. As for now, SOFAZ's contribution to the country’s GDP is over 80 percent.

The contract for the development of the ACG oil fields was signed on September 20, 1994, and entered force in December. The contract for the development of the ACG block was extended to 2050 in September 2017.

The shareholders in the ACG project are BP (operator, 30.37 percent), SOCAR (25 percent), MOL (9.57 percent), INPEX (9.31 percent), Equinor (7.27 percent), ExxonMobil (6.79 percent), TPAO (5.73 percent), ITOCHU (3.65 percent), ONGC Videsh Limited (OVL) (2.31 percent).

The contract on the development of the Shah Deniz gas field was signed in 1996. Shareholders of the Shah Deniz project are BP (operator, 28.8 percent), TPAO (19 percent), AzSD (10 percent), SGC Upstream (6.7 percent), PETRONAS (15.5 percent), LUKOIL (10 percent), and NICO (10 percent).

Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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