Azerbaijan’s profit from implementation of the Southern Gas Corridor (SGC) project will total $30-50 billion, Shakhmar Movsumov, Executive Director of the State Oil Fund of Azerbaijan (SOFAZ), said in his interview to Caspian Energy magazine.
“According to the preliminary estimates, Azerbaijan will make between $30 and $50 billion depending on oil prices on construction of the SGC. This will give an impetus to development of economy and infrastructure of the country and the region,” Movsumov added.
He said implementation of SGC projects is aimed at development of Azerbaijan’s economy in long-term.
“SGC will open additional economic and financial possibilities for Azerbaijan for decades and bring profit and ensure inflow of currency,” said SOFAZ President.
SGC is a wide-scale infrastructure and energy project of Europe. Azerbaijan’s giant gas resources, especially Shah Deniz field, is the only source of resources for the SGC. This is one of the biggest gas fields in the world. SGC includes the Shah Deniz-2 project, expansion of the Baku-Tbilisi-Erzurum Southern Caucasian gas pipeline and construction of Trans Anadolu (TANAP) and Trans Adriatic gas pipelines (TAP). The corridor is 3500 km long.
Delivery of 10 bcm of Azerbaijani gas to Europe is expected to begin in early 2020. 6 bcm of Azerbaijani gas will be exported to Turkey in the second half of 2018. Cost of the entire project is estimated at $39.1 billion.—0—
Economics
-
Azerbaijani President Ilham Aliyev has signed amendments to two presidential decrees, refining the roles and appointments of the State Customs Committee's representatives abroad, including in international organizations.
-
Auditing organizations and independent auditors in Azerbaijan concluded 7,232 contracts valued at 133.2 million manats ($78.4 million) in 2023, reflecting increases of 20% in the number of contracts and 7.1% in their total value compared to the previous year, according to the Chamber of Auditors.
-
The third meeting of the auction commission was held to evaluate the proposals submitted by participants in the auction for the Gobustan Solar Power Plant project, supported by the European Bank for Reconstruction and Development (EBRD). The meeting focused primarily on determining qualification eligibility and selecting the auction winner, according to the State Agency for Renewable Energy Sources.
-
There is no sensationalism in the recent renaming of the Azerbaijani ship Karabakh to Mingachevir; the new name was given to the ship to ensure that two vessels would not operate under the same name, the Merchant Fleet of Azerbaijan Caspian Shipping Company (ASCO) CJSC told Turan.
Leave a review