Elmar Mammadyarov: Nabucco intrigue to be solved in 2013
Nabucco is another intrigue, which will be solved next year, because we have two more options of transportation of gas from Azerbaijan to Europe, Azerbaijani Foreign Minister Elmar Mammadyarov said in his interview to EU Reporter.
"Nabucco West to the Austrian Baumgarten and TAP pipeline up to Italy are another options," he said. Minister added that the decision will be made by the companies-members of the consortium next year. The volume of gas, which will be transported from the Azerbaijani sector of the Caspian Sea will be much smaller, than the volume of gas delivered through the South Stream, Mammadyarov said.
Azerbaijani Foreign Minister said energy is the key element of cooperation between EU and Azerbaijan. "Jose Manuel Barrozu, President of European Commission, has visited Baku. Azerbaijani President Ilham Aliyev and President Barrozu have signed a very important document on strategic partnership between EU and Azerbaijan aimed at support of the South Corridor project and energy cooperation," Minister said. He added that not only energy projects, but development of the entire region and a strategic partnership between Azerbaijan and EU could be important not only for Azerbaijan and EU, but also for its members.
"The talks with the European Commission continue and after signing of the TANAP agreement (trans-Anadolu gas pipeline), we believe that by 2018 natural gas from the Caspian Sea till reach the European borders, including Bulgaria," Azerbaijani Foreign Minister said. He added that he does not like politicization of energy projects, but "energy is a part of politics."-0-
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- Macroeconomic indexes
- 19 December 2012 12:17
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- 19 December 2012 12:30
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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