The Shah-Deniz Phase-2 project has not been authorized yet, but its costs already totaled about $3 billion, Rovnag Abdullayev, President of State Oil Company of Azerbaijan (SOCAR), told journalists.
He said the Shah-Deniz Phase-2 project worth $40 billion is among the biggest projects in the world. “The project opens the doors to Europe for the Azerbaijani gas,” Abdullayev added.
The Shah-Deniz shareholders have started works within the Phase-2 project in 2006. The works have intensified after 2009. By 2011 about 600 specialists worked on the Shah-Deniz Phase-2 project in the London-based BP office and the company has appointed a Vice President to manage the project.
The Shah-Deniz Phase-2 works are estimated at $25 billion. However, during the course of the project implementation its costs could go up to 20%.
The Shah-Deniz Phase-2 is expected to be authorized in December 2013. The first gas within the Phase-2 is planned to be extracted at the end of 2018.—0—
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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