Slump of oil prices at the world market has led to reduction of cost of the Southern Gas Corridor (SGC) project, which is designed for transportation of Azerbaijani gas to Europe, Azerbaijani Energy Minister Natig Aliyev told journalists.
“This is because cost of some building materials, which are used in construction, has gone down,” said Minister.
He said in this situation cost of the Shah Deniz-2 project development is estimated at $23.8 billion. This amount could also include expansion of the South Caucasian pipeline, which is worth $4.9 billion. Earlier cost of the Shah-Deniz-2 project was estimated at $25 billion.
Aliyev said that cost of another component of SGC – TANAP – is now estimated at $9.3 billion (earlier $11.8 billion), while Trans Adriatic gas pipeline (TAP) - $6 billion. Thus, currently cost of SGC is $39.1 billion. Earlier the project was estimated at $45 billion.—0—
Economics
-
According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
-
The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
-
Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
-
Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
Leave a review