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 Cabinet of Ministers has introduced new regulations establishing the minimum royalties for authors of state-commissioned films, aiming to promote creative works reflecting the country's national identity and cultural values.
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Tea imports to Azerbaijan have increased. According to the State Customs Committee, from January to November 2024, tea imports grew by 3.3% year-on-year to 12,893 tons in volume and by 4.5% in value, amounting to $67.715 million.
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Azerbaijan’s State Railways (ADY) reported a 28% year-on-year increase in transit cargo volumes through the North-South International Transport Corridor (NSTC) in 2024, reaching 814,000 tonnes. This growth underscores the country’s concerted efforts to unlock the strategic potential of the corridor, which connects Northern Europe and Russia to the Indian Ocean.
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The architectural company El & En has received several contracts worth a total of AZN 805,593 from the Committee for Urban Planning and Architecture. Additionally, the Territorial Construction Planning Center commissioned projects from the private company El & En worth several hundred thousand manats. These architectural projects involve work in liberated territories and other regions of Azerbaijan. The co-owner of this company, along with his son, is Elbay Gasimzade, the head of the Public Council under the State Committee for Urban Planning and Architecture and simultaneously the Chairman of the Union of Architects.
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