Half of the sum for the financing of its share in the project Southern Gas Corridor, which is $ 7 billion, Azerbaijan intends to attract as loans, said today the deputy head of SOCAR Investment Department Zaur Gahramanov.
According to him, the total cost of laying the pipe will be $ 45 billion, of which $ 14 billion falls on Azerbaijan. In this connection, negotiations are underway with the European Bank for Reconstruction and Development, the International Finance Corporation and the European Investment Bank.
Recall, the main components of the Southern Gas Corridor are Stage 2 of Shah Deniz project, the expansion of the South Caucasus Pipeline Baku-Georgia-border with Turkey, the construction of Trans-Anatolian gas pipeline (TANAP) from the eastern to the western border of Turkey and the Trans Adriatic Pipeline (TAP), linking Greece, Albania and the Adriatic Sea to southern Italy.
It is supposed to deliver 16 billion cubic meters of gas, of which 10 billion cubic meters are for Europe and 6 billion – for the western regions of Turkey. --17D-
Economics
-
Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
-
The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
-
At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
-
This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
Leave a review