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 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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