Weekly economic review (Sept.17-21)

Analysis Materials 25 September 2012 11:59 (UTC +04:00)

Azerbaijani oil workers once again celebrated their professional holiday - Oil Workers Day on Sept.20.

The celebration of this day - September 20 is timed to the signing of the "Contract of the Century" for exploration and development of block of "Azeri-Chirag-Guneshli" offshore oil and gas fields, which was signed in 1994.

Today, the State Oil Company of Azerbaijan - SOCAR is an active participant of the global energy market. SOCAR departments are working to fill a niche in oil trade, as well as in the distribution of oil products. Active work is underway on the participation in major regional projects such as TANAP and Petkim. SOCAR is one of the participants of the project of construction of the Odessa-Brody-Plotsk-Gdansk.

In Azerbaijan oil workers have always been held in high esteem. Profession of oil worker is very honorable profession. Oil industry workers have always been highly valued by the state, and this will continue. It is important that the living, working conditions, social status of oil workers have always been in the spotlight. These are President Ilham Aliyev's words.

And to confirm this, SOCAR announced about the construction of a residential settlement for oil workers in Baku in the Bibi-Heybat settlement. A kindergarten, schools and sports facilities are planned to be built along with residential buildings. Construction of large apartment complexes will further improve the living conditions of oil workers.

According to the Azerbaijani State Social Protection Fund, average monthly pension of oil workers in Azerbaijan is 347 manat, whereas average monthly pension in the country is 151 manat, including average monthly age pension - 167 manat. The number of pensioners, who work in oil industry, exceeds 25,000 people. Those working in the oil industry in areas with difficult conditions, have the right to retire for six years before the statutory age of retirement.

According to the State Statistics Committee, in the first half of year wage in the oil sector hit an average of 1,421 manat, which is 3.7 times more than the average wage in the country (384.5 manat).

Oil sector for many years remains the dominant sphere of the Azerbaijani economy.