EU Energy Commissioner Oettinger welcomes the ratification of the TANAP agreement by the Azerbaijan parliament: "This Decision to ratify the TANAP agreement shows the concrete determination of Azerbaijan to bring its gas to Europe. This pipeline will mean that gas is brought to Europe's border, to then freely circulate within the European Union. It is a pleasure to welcome Azerbaijan, and more especially SOCAR, to the European Union's energy market", he said.
TANAP will take gas from the Eastern Turkish border to the Western Turkish border, providing for stable transit across the whole country. The project will link to the expanded Southern Caucasus pipeline starting in Azerbaijan to a variety of proposed pipelines in the European Union. TANAP will contribute to both Turkey's and the EU's security of supply. -0-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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