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
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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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