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 potato sector, a cornerstone of the nation's food supply and its second most significant agricultural product, is in sharp decline. Production dropped by 7.6% year-on-year from January to October 2024, reflecting a long-term downward trend, according to the State Statistics Committee.
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Kazakh Energy Minister Almasadam Satkaliyev said on Monday that Kazakhstan and Azerbaijan continue to discuss prospects for transporting Kazakh oil through the Baku-Supsa oil pipeline, which has been idle since spring 2022, Kazakh media reported.
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The supply of Azerbaijani gas to North Macedonia will transition to a regular basis in the mid-term, an informed source told Turan.
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In Azerbaijan, the minimum consumption basket may be reassessed next year. This was discussed during a joint meeting of parliamentary committees. The last changes to the consumption basket were made a decade ago. However, during this period, inflation has risen, and the cost of the minimum living standard has also increased. Moreover, some experts believe that the current minimum consumption basket in Azerbaijan requires significant updates, with the inclusion of additional goods and services.
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