On May 1, 2015 Energy Ministers of Turkmenistan, Azerbaijan and Turkey and European Commission Vice President for Energy signed the Declaration on development of energy cooperation in Ashgabad.
According to the Turkmenistan State Agency, at the meeting the participants have expressed mutual confidence that the constructive cooperation, which was initially based on the principles of equality, mutual benefit and respect for each other’s interests, could be successfully continued.
The sides have also acknowledged “importance of equal and mutually beneficial cooperation aimed at delivery of natural gas from Turkmenistan to Europe.”
They have once against emphasized importance of development of a constructive dialogue for construction of the transport infrastructure needed for reliable deliveries of natural gas from Turkmenistan to Europe and the participants have once again stressed that the transport infrastructure will be built on the basis of the international standards, including those related to safety measures and protection of environment, and have agreed to create a working group.
During the further negotiations it is expected to create a working group at the level of Deputy Ministers of Energy of Turkmenistan, Azerbaijan, Turkey and EU.—0—
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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