Azerbaijan has signed a memorandum of understanding on future gas supplies to Albania, Croatia and Montenegro.
Gas will be supplied as part of the Southern Gas Corridor - a project that will allow Europe to diversify its hydrocarbon source supply and increase energy security, while Azerbaijan continues to buy a new market in the face of Europe.
The Southern Gas Corridor is a large project, to meet European gas needs for the next few decades.
Gas to be produced during the second phase of the Azerbaijani Shah Deniz field development is considered as the main source for the Southern Gas Corridor project. A consortium of Azerbaijani Shah Deniz gas condensate field development announced its choice as being the TAP project in late June as a gas transportation route to the European markets.—0--
Economics
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Azerbaijan began the new year with significant hikes in gas, electricity, water, and medication tariffs, sparking widespread concern among citizens over the financial burden on households. While officials defend the measures as necessary for economic sustainability, critics warn of challenges tied to stagnant wages and pensions.
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As of January 1, Europe has ceased contract-based transit of Russian gas through Ukraine. Kyiv announced it would not renew agreements to traffic gas from the "aggressor nation" through its territory. The decision marks a pivotal moment in Europe’s efforts to reduce reliance on Russian energy, a dependency that supplied nearly 50% of the continent’s gas imports before the war in Ukraine.
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Azerbaijan's Tariff Council has approved a decision to regulate the maximum wholesale and retail prices of registered medicines, with the new pricing caps coming into effect on January 2, 2025.
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Azerbaijan's Tariff Council has approved tariffs for connecting construction sites to water supply and wastewater systems for the first time, addressing a previously unregulated sector with inconsistent charges, the council announced on January 2.
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