Italian Eni company expressed a desire to buy 20% share in the trans-Adriatic pipeline (TAP) project, one of the routes for delivery of Azerbaijani gas to Europe, Fulvio Conti, Eni Executive Director, told Reuters agency.
He said currently the talks are in progress to provide the company between 10% and 20% share in the project. “The final decision of the shareholders is expected in September-October 2013,” said Enel representative.
At present the TAP shareholders are Swiss Axpo (42.5%), Norwegian Statoil (42.5%) and German E.ON Ruhrgas (15%).
If the Shah-Deniz consortium chooses TAP as the route to deliver Azerbaijani gas to Europe, the TAP shareholders must give half of their shares to the main Shah-Deniz shareholders, which include SOCAR, BP and Total.
TAP is 800 km long. According to the preliminary estimates, investments between 2.5 to 3 billion Euro are needed for its construction.—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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