Real sector

1) Production

Р°) Oil and Gas production

Oil and gas production by SOCAR in January to October 2006

Oil

(ths. tons)

October

September

January to October

2006

2006

2006

2005

%

Total

761,01

750,9

7496,70

7477,73

100,3

OGPUs of SOCAR

657,69

649,7

6544,79

6533,86

100,2

JVs and OCs

103,32

101,2

951,91

943,87

100,9

Gas

(in mln cu m)

Total

583,82

560,93

5579,43

4684,56

119,1

OGPUs of SOCAR

435,18

401,3

3467,90

3160,36

109,7

JVs and OCs

9,44

8,16

92,95

107,46

86,5

AIOC

136,73

151,46

1977,65

1416,74

139,6

Source: SOCAR

In January-October 2006, the State Oil Company of Azerbaijan (SOCAR), Operating Companies (OC) and Joint Ventures (JV) produced 7,496,700 tons of oil from onshore and offshore fields of the Country, which is 18,970 tons more than was produced in 2005.

During this period the oil and gas production units (OGPU) of SOCAR produced a total of 6,544,790 tons of oil, or 10,930 tons (0.2%) less as compared to 2005, the Company told Trend

Over January-October 2006, foreign companies within the joint ventures (JV) and operating companies (OC) produced 951,910 tons oil, which is 8,040 tons (0.9%) more than was produced in 2005.

According to SOCAR, in 2006, the total gas production in Azerbaijan comprised 5,579,43mln cu.m. or 894.87mln cu.m. (19.1%) more as compared to 2005. The oil and gas production units of SOCAR produced 3,467,9bln cu.m. of gas, or 307.54mln cu.m. (9.7%) more as compared to 2005. JV and OC produced 92.95mln cu.m. of gas in January October 2006, or 14.51mln cu.m. less than in 2005.

During this period the Azerbaijani International operating Company (AIOC) produced, from the Azeri-Chirag-Gunashli field, 1,977,65mln cu.m. of associated gas, or 560.91mln cu.m. more as compared to 2005.

There are 57 oil and gas fields in Azerbaijan, including 18 offshore. SOCAR staff consists of 59,170 employees.

b) Oil and Gas refinery

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

In ths tons

January-October 2006

January-October

2005 %

Stock 01.11.06

Automobile petroleum

838,9

113

27,9

Aviation kerosene

610

100,1

14,4

Fuel mazut

2346,6

93,8

16,5

Diesel fuel

1788,6

104,2

57,6

Oil bitumen

131,8

124,1

1,3

Oil coke

Lubricating oil

62,2

2,1 раза

13,6

Naphta

272,4

91,2

0,5

Source: State Statistics Committee

The Baku-based Oil Refineries, parts of the State Oil Company of Azerbaijan (SOCAR), Heydar Aliyev Oil Refinery Plant (former Azerneftyanacag) and Azerneftyag, over January-October, 2006, produced 6,200,770mln tons of various oil products, that is on 4 percent more versus the corresponding period of 2005.

According to the State Statistics Committee, particularly, in contradistinction with the corresponding period of the last year, in January-October, 2006, the production of gasoline grew by 13 percent, kerosene 0.1 percent, diesel fuel - 4.2 percent. In January-October, 2006, the growth was achieved in the production of lubricants in 2.1 times, and oil bitumen 24.1 percent.

b) Sale

The Marketing and Economic Operations Department (MEPD) of the State Oil Company of Azerbaijan Republic (SOCAR) has exported 2,503,857mln tones of oil products against 1,822,300 tons in the same period of 2005.

In October, 164,709 tons of oil products (against 221,300 tons last year) were exported from oil refining plant of Azerbaijan. The most volume of the gross exportations was reported at the share of diesel fuel 1,177,990 tons, mazut 785,191 tons, petrol 273,485 tons, naphtha 29,965 tons, aviation kerosene 186,471 tons, lubricating oil 36,390 tons and bitumen 14,362 tons.

The most expensive oil product in October was aviation kerosene 1 t. for $574.52. The price of petrol in October was $506.64, diesel fuel - $539.97, mazut - $270.32.

Export of oil products in January October 2006 (in ths tons)

Title

September 2006

October 2006

January to October 2006

Price of per ton in Oct (+/-Sep)

Diesel oil

82,34

87,435

1177,99

$539,97

(-$26,4)

Mazut

28,078

40,462

785,191

$268,10

($2,22)

Gasoline

26,553

30,061

273,485

$506,64 (-$28,51)

Aviation kerosene

8,76

2,823

186,471

$574,52 (-$41,23)

Naphtha

29,965

Lubricating oil

9,958

2,53

36,390

Bitumen

2,98

1,399

14,362

2. Power Engineering

In October 2006, Azerenerji JSC produced more than 1,7 bln kVt electric power, an increase of 1,1% from last year, Trend reports with reference to the statement of JSC. 1,6 bln kVt of the electric power were achieved through the thermal electric station and 0,1 bln through hydroelectric power stations.

On October 26, the exchange of the electric power was realized with the neighboring countries. 48,7 mln kVt were received from Russia, 44,3 mln Iran and 16,06 mln Turkey.

Since the beginning of year, AzerEnerji has produced more than 19,249 bln kVt electric power, with 17,07 bln kVt through thermal electric station.

3. Chemical complex

Over the period of January-October 2006, Azerkimiya State Company has increased the production as comprised to the same period of 2005. Over the period of January-October 2006, the Company increased the production of hydrate of sodium (by 30.7%), polyethylene (by 29.3%), nitrogen (27%), ethylene (25.8%) and polyethylene (26.5%), Trend reports with reference to the State Statistics Committee.

Production of key types of chemical products for January-October 2006:

Products

Production in January-October 2006, in ths ton

Relevant to January-October 2005, %

Volume of rests of annual products for 01.11.2006

Nitrogen (mln. m3)

9,3

127

hydrate of sodium (Th.t)

28

130,7

0,1

Propylene (th. t)

33,1

129,3

0,8

ethylene (th. t)

62

125,8

polyethylene (th. t)

60,1

126,5

0,8

Isopropyl alcohol (th. t)

20,1

96,6

1,1

varnish-and-paint products (th. t)

1485,8

79,1

270,5

Chlorine oxide (th. t)

6,1

117,3

0,2

Source: State Statistics Committee

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