Baku/31.05.17/Turan: The traditional Baku international exhibition-conference "Caspian, oil and gas-2017" opened on Wednesday in Baku. Over 300 companies from 30 countries are represented at the exhibition. At the opening ceremony, President Ilham Aliyev said that Azerbaijan has 2.6 trillion cubic meters of confirmed gas reserves.
"The country's oil and gas projects are a guarantee of security, stability and development in the region. These projects have a great influence on relations between countries. These pipelines are the largest state, "Aliyev said. "The project of the Southern gas corridor is expected to invest 40 billion dollars of investment.
The "Shah Deniz-2" project was fulfilled by 93%, and TANAP - by more than 70%, TAP - by 42%," Aliyev said. The southern gas corridor will ensure the long-term development of Azerbaijan. Next to the gas project is the "Big Absheron".
In parallel, gas projects "Umid", "Babek" will be realized. In the coming years, production from these fields is expected to begin, Aliyev said. Thanks to the infrastructure created, the importance of Azerbaijan as a transit country is growing. Hydrocarbons from the east of the Caspian Sea through Azerbaijan are exported to world markets. In addition, work is underway to extend the contract for the development of the Azeri-Chirag-Gunashli fields. "At the moment we are at the last stage of negotiations with foreign partners. Large deposits of oil remain on these deposits," Aliyev said. -03B06-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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