Asian Development Bank (ADB) is ready to allot credit worth $450 million for development of the Phase 2 of the Azerbaijani gas condensate field Shah Deniz, reads information on ADB web site.
The bank does not include the schedule of consideration of the issue of credit allotment by the ADB Board of Directors. It is also unknown what company ADB is going to allot credit to.
The cost of the Shah Deniz Phase 2 is estimated at $28 billion. Annual production from the Shah Deniz Phase 2 will be 16 bcm a year, of which 10 bcm will be exported to Europe and 6 bcm to Turkey. Gas supplies to Europe will begin in 2020.
The Shah Deniz project partners include BP (operator with 28.8%), TPAO (19%), SOCAR (16.7%), Petronas (15.5%), LUKoil (10%) and NICO (10%). –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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