The ceremony of beginning of construction of the Trans Adriatic gas pipeline (TAP), which will be used to export Azerbaijani gas to Europe, will take place in Salonika on May 17, 2016, said Minister of Environment, Energy and Climate Change of Greece Panos Skurletis.
He said several high-ranking officials will attend the ceremony, because TAP is an important project, which will create many jobs.
“TAP will export gas from the Shah Deniz Phase-2 field to Europe. About 870-km-long pipeline will be connected with Trans Anadolu gas pipeline (TANAP) on the Turkish-Greek border and will pass through Greece, Albania and south of Italy. The first gas is expected to reach Europe via TAP in 2020.
By early 2016 expenses for the TAP project already totaled 600 million Euro. Total cost of the pipeline after revision of prices will be slightly over 5 billion Euro. At first the cost was estimated at 5.6 billion Euro.—0—
Economics
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Azerbaijan’s oil and condensate production and exports saw a marked decrease during the period from January to September 2024, continuing a downward trend compared to previous years.
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Investments in fixed assets in Azerbaijan totaled 12.7 billion manats ($7.5 billion) in the first nine months of 2024, down 3.9 percent compared to the same period last year, the State Statistics Committee said on Monday. Investment in the oil and gas sector fell by 8.4 percent, while investment in the non-oil and gas sector dropped by 1.6 percent.
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Industrial production in Azerbaijan rose by 1.3% year-on-year in the first nine months of 2024, reaching 47.8 billion manats ($28.2 billion), the State Statistics Committee reported on Monday. The growth was driven by a 0.6% increase in the oil and gas sector and an 8.7% rise in the non-oil and gas sector.
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As of September 2024, the labor market in Azerbaijan has demonstrated active activity, total employment has reached 1,754.9 thousand people. The labor force is almost equally divided between the state and non-state sectors, which employ 878.3 thousand and 876.6 thousand people, respectively, according to the State Statistics Committee.
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