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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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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