Construction of Southern Gas Corridor in Azerbaijan and Turkey proceeds according to schedule
Construction of the gas pipelines as a part of the Southern Gas Corridor, which is planned to be used to export Azerbaijani gas to the European Union, proceeds according to the schedule, said Marosh Shevchovich, European Commission Vice Chairman for Energy Union.
“It was clear from my talks in Baku that the plans are observed and construction of the pipeline proceeds according to the schedule. I have been assured by both Azerbaijan and Turkey that they intend to build the Southern Gas Corridor in time,” Shevchovich told journalists on Tuesday.
He said the Turkish partners have requested the EU to ensure readiness and accept gas into their gas transportation systems, when it reaches the European Union. “We have promised that,” said EC Vice President.
The Southern Gas Corridor includes expansion of the Southern Caucasian gas pipeline (construction of the new gas pipeline in Azerbaijan and construction of the gas pipelines in Turkey (TANAP) and Europe (trans-Adriatic gas pipeline (TAP) on Greece, Albania and Italy). Via the 3600-km-long Southern Gas Corridor it is planned to export 16 billion cub.m. gas extracted from the Azerbaijani Shah Deniz field in the Caspian Sea annually at the initial stage. 6 billion cub.m. of this volume will be consumed by the Turkish local market.—0—
Economics
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Azerbaijan’s consumer price index (CPI) for the period of January to August increased by 1.3% compared to the same period in 2023, marking a period of moderate inflation in the country. According to the State Statistics Committee, the overall CPI for the eight-month period reached 101.3%, with various sectors showing mixed inflationary pressures.
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Azerbaijan has witnessed a significant rise in the average nominal monthly wages of salaried workers, with an 8.3% increase recorded from January to July of this year compared to the same period in 2023. According to data released by the State Statistics Committee, the average nominal monthly salary reached 1,002.4 manats, as the country experiences both economic growth and sectoral shifts.
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The Chairman of the Central Bank of Azerbaijan (CBA), Taleh Kazimov, recently hosted a high-level delegation led by Elisabetta Falcetti, the Executive Director for Turkey and the Caucasus at the European Bank for Reconstruction and Development (EBRD). The meeting, held in Baku, focused on key initiatives to bolster the sustainable development of Azerbaijan’s financial sector and expand access to financing for the country’s real economy. Among the most pressing topics was the EBRD's support for Azerbaijan’s ongoing green transition.
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Recently, the prices of certain food items have increased in Azerbaijan. This is also reflected in the data released today, September 11, by the State Statistics Committee (SSC). It was noted that in August, compared to July, there were price increases in rice, beef, lamb, sausage products, butter, olive oil, and onions.
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