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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The European Bank for Reconstruction and Development (EBRD) has released its Transition Report 2024-25 for Azerbaijan, praising notable achievements in macroeconomic stability and the banking sector. However, the report underscores persistent vulnerabilities stemming from the country’s dependence on hydrocarbons and provides a detailed outlook for its oil-rich economy.
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The Azerbaijan Caspian Shipping Company (ASCO) announced the commissioning of its newly built vessel, "Bergyushadchay", on November 28. Constructed at the Zykh Ship Repair and Construction Yard, the vessel is now part of ASCO's Caspian Sea Oil Fleet as an auxiliary ship, according to the company's statement.
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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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