It is planned to increase annual gas extraction from the Shah-Deniz Phase 1 project up to 10.4 billion cub.m, Alistair Cook, BP Vice President for Shah-Deniz field development, told journalists at a press conference last evening.
“We have already started works and the results show that the existing infrastructure allows extracting 9.8 billion cub.m. of gas a year from the Shah-Deniz Phase 1. Till the end of 2014 we plan to increase extraction up to 10.4 billion cub.m,” Cook added.
He also said that additional 1.4 billion cub.m. of gas, which will be extracted within the framework of Shah-Deniz Phase 1, will be purchased by State Oil Company of Azerbaijan (SOCAR).
In the future we plan to sign a separate commercial contract for gas purchase.—0—
Economics
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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.
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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.
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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.
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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.
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