REAL SECTOR

1) Production

Р°) Oil and Gas production

Oil and gas production by SOCAR in January to May 2006

Oil

(ths. tons)

May

April

January to May

2006

2006

2006

2005

%

Total

757,4

743,77

3717,4

3729,3

-0,3

OGPUs of SOCAR

664,2

654,1

3275,6

3289,3

-0,4

JVs and OCs

93,2

89,67

441,8

440

0,4

Gas (in mln cu m)

Total

623,9

584,75

2863,2

2083,7

37,4

OGPUs of SOCAR

330,6

313,2

1591,5

1578,2

0,8

JVs and OCs

9,6

9,63

48

56

-14,3

AIOC

273

261,92

1213

449,5

169,9

Source: SOCAR

In January to May 2006 the State Oil Company of Azerbaijan (SOCAR) produced 714,400 million tons of oil from onshore and offshore fields or 11,900 less as compared 2005. The onshore and offshore oil and gas producing units (OGPU) of the SOCAR produced a total of 3.275,600 million tons of oil, or 13,700 tons (or 0.4%) down as compared to 2005.

Over the first five months of 2006 the foreign companies under the joint ventures and operating companies lifted 441,800 tons of oil, or 1,800 tons (or 0.4%) more as compared 2005.

In this period gas production amounted 2,863,2 billion cu m of natural gas, or 779.5 million cu m (or 37.4%) more than 2005. The OGPUs produced 1,591,5 billion tons of gas, or 13.3 million cu m more than 2005. JVs and OCs produced 48 million cu m of gas in this period, or 8 million cu m less than 2004. The Azerbaijan International Operating Company (AIOC) produced 1,213 million cu m of associate gas, or 763.5 million cu m of fuel more as compared 2005.

Azerbaijan has 57 oil and gas fields with 18 offshore and the rest onshore fields. The SOCAR employs 59,170 people.

b) Oil and Gas refinery

Production of major types of oil products in January to May 2006

In ths tons

January-May 2006

January-May

2005 %

Stock 01.06.06

Automobile petroleum

354,2

107,0

38,1

Aviation kerosene

326,3

107,9

24,3

Fuel mazut

1282,1

104,0

55,9

Diesel fuel

930,1

114,2

82,0

Oil bitumen

41,5

136,1

0,9

Oil coke

Lubricating oil

20,4

180,5

15,4

Naphta

169,0

116,4

0,8

Source: State Statistics Committee

The Baku Oil Refineries, parts of the State Oil Company of Azerbaijan (SOCAR), former Azerneftyanacag and Azerneftyag, produced 3,123,600 million tons of various oil products during January-May 2006, which is 11.3% more of the same period of 2005.

Particularly, production of gasoline grew by 7%, kerosene 7.9%, diesel fuel 14.2%, mazut 4% and naphta 16.4%. Growth was achieved in the production of lubricating oil 80.5% and oil bitumen 36.1% in January-May 2006 as compared to the same period of the last year.

РІ) Sale

In May the oil products were sold at the following prices in the world market (FOB MED (Italy)): gasoline $704.69 per ton (-$32.55 per ton against April price), jet kerosene $677.11 per ton (-$17.14 per ton), diesel fuel - $624.04 per ton (-$20.57 per ton), the price of 1 ton of mazut was $337.97 per ton (-$1.43 per ton).

Export of oil products from Azerbaijan in January to May 2006 (in ths tons)

Oil Products

Aznefteyanajag

Azneftyag

May

В± April

Jan.May

May

В± April

Jan.May

Diesel fuel

95,294

60,707

194,481

63,176

-12,011

432,176

Kerosene

16,879

- 3,278

96,836

-

-

9,684

Gasoline

44,469

10,718

105,02

Butan

Coke

Mazut

57,652

5,593

112,371

48,680

-12,566

362,952

Bitumen

4,668

4,214

5,122

Lubricant

3,239

3,239

6,927

Naphta

-

-

29,965

Other oil products

Total

214,294

73,74

508,708

136,897

-69,953

727,557

2. Power engineering

Over 1,809 billion kW/h of electricity was generated in the system of Azerenerji JSC in May 2006, or 9.3% more than 2005.

Azerenerji announced that 1.499 billion kW/h of entire generation fell on thermo-power stations, 0.31 billion kW/h hydro-power stations.

As a result of energy exchange in May 66,722 million kW/h was imported from Russia, 37.58 million from Iran, and 21,24 million kW/h from Turkey.

Since the beginning of the year Azenerji has generated 10,806 billion KW/h electricity, including 9,355 billion KW/h generated by the thermo-power stations.

3. Chemical industry

Azerkimya state company increased production of some chemical products, particularly, caustic sodium (31.6%), propylene (69%), ethylene (68.7%), polyethylene (69.9%) and nitrogen (48.6%) in January-May 2006.

Production of major types of chemical products in January to May 2006

Products

Production in January to May 2006, 1000 ton

As compared to

January to May 2004, %

Volume of ready products for

01.06.2006

Nitrogen (m. cub. m.)

5,1

148,6

Caustic sodium (1000 ton)

14

131,6

0,7

Propylene (1000 ton)

17,8

169

0,6

Ethylene (1000 ton)

33,6

168,7

Polyethylene (1000 ton)

32,6

169,9

3,5

Isopropyl alcohol (1000 ton)

10,6

102,9

4,3

Paintwork material (ton)

328,3

57,3

229,4

Oxide of chloride (1000 ton)

2,9

111,5

0,3

Source: the State Statistics Committee

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