BP company, technical operator of the Shah-Deniz gas condensate field development, announced beginning of construction as a part of the Shah-Deniz Phase 2 development, final investment decision on which was made on December 17, 2013.
BP-Azerbaijan Gordon Birrell said yesterday in Baku that preliminary construction has started on the Sangachal terminal within the Shah-Deniz Phase 2 framework.
He said upgrade of the building sites, where the contracts will perform BP’s orders, have already started.
“Property issues are also being solved in Georgia to expand infrastructure for the Shah-Deniz-2,” Birrell said.
Cost of the works within the framework of this Phase is estimated at $28 billion. Gas production must begin till the end of 2018 and by 2030 it will be increased up to 16 billion cub.m. a year.—0—
Economics
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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.
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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.
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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.
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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.
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