The Closed Joint Stock Company Canub Qaz Dehlizi (Southern Gas Corridor) with 100% government capital in the next year will receive from the Ministry of Finance 1 341 200 000 manat or just over $ 1.7 billion to strengthen the resilience to risks.
As stated in the approved State Budget Act, the amount is provided under the share capital increase. Taking into account the 100 million of the capital base, the charter capital of the JSC will exceed $ 1.8 billion.
The decree on the establishment of the structure was signed by the head of state on February 25 this year. The SOCAR share in the capital of the company is 49% and the share of the state is 51%. JSC Canub Qaz Dehlizi must effectively manage projects of Phase 2 of the development of the gas condensate field Shah Deniz and the South Caucasus gas pipeline extension, as well as the construction of the gas pipelines TANAP and TAP. The money is allocated to it from the State Oil Fund (SOFAR). According to the official version, the funds are provided to the JSC as long-term investments on the conditions of return. --17D-
Economics
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Azerbaijan’s rice imports have surged as domestic production struggles to meet growing demand, underscoring the country’s reliance on foreign suppliers. Despite government initiatives to boost output, local production remains stagnant, with only 10,000 tons expected in the 2024-2025 season, while imports reached 55,961 tons between January and October 2024.
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Azerbaijan and Pakistan have signaled a growing commitment to deepen energy cooperation, with a focus on renewable energy initiatives, as Azerbaijani Energy Minister Parviz Shahbazov hosted a delegation led by Pakistani Federal Minister Abdul Alim Khan in Baku on January 30.
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Oil from Kazakhstan's largest field, Kashagan, has begun flowing into the Baku-Tbilisi-Ceyhan (BTC) pipeline. According to information from SOCAR, the first batch of this oil was received at the Sangachal terminal on January 27 and will be transported via BTC to the port of Ceyhan.
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Azerbaijan is accelerating the implementation of its socio-economic development strategy, focusing on digital transformation and strengthening cybersecurity. The government is allocating resources to human capital development, prioritizing the training of cybersecurity professionals, said Farid Osmanov, Chairman of the Board of the Innovation and Digital Development Agency, on January 30 during the fourth “Graduation Day” of the Azerbaijan Cybersecurity Center (AKM).
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