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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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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