According to the memorandum of mutual understanding and cooperation signed between the consortium of the trans-Adriatic pipeline (TAP) and ICGB company, which is in charge of development, funding and construction of the connecting pipeline Greece-Bulgaria, it is planned to invest 160 million Euro.
Euractive reported that construction of the Greece-Bulgaria pipeline will begin in 2014 and the costs will be mainly repaid at the expense of inpayments from the European Commission and the European Bank for Reconstruction and Development (EBRD).
The pipeline is expected to be put into operation in 2016. This will allow Bulgaria, which is fully dependent on the Russian gas deliveries, getting an alternative source of energy carriers.
The pipeline could be also used to deliver gas to the South-Eastern Europe.
The length of the connecting gas pipeline with the diameter 700 mm will be 168.5 km, of which 140 km will fall to the territory of Bulgaria. The pipeline will allow delivering 3-5 billion cub.m. of gas a year to the European markets.
* On September 19, 2013 Bulgargaz company signed a contract on purchase-sale of gas from the Shah-Deniz-2 project with SOCAR. According to the contract, the Bulgarian company will buy 1 billion cub.m. of gas from the TAP pipe-bend within 25 years.—0—
Economics
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Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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