In January-September 2016 the State Oil Fund of Azerbaijan to finance the construction of the railway Baku-Tbilisi-Kars (BTK) allocated $ 31.5 million. This was reported on the Fund’s website.
Since the beginning of the project financing (2008) the Oil Fund has allocated $ 619.8 million for it.
In accordance with the agreement signed between the governments of Azerbaijan and Georgia, the funds through the International Bank of Azerbaijan have been allocated to LLC Marabda-Kartsakhi, created for the design, construction, rehabilitation, reconstruction and operation of the railway section Marabda - Border with Turkey and the relevant infrastructure.
Yesterday the President of Azerbaijan Ilham Aliyev stated that the opening of the Baku-Tbilisi-Kars railway will be held before the end of this year.
Passenger trains from Baku to Turkey will start to function only in the middle of 2017. -12B--
Economics
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Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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