Consortium "Shah-Deniz" has received offers from more than 15 gas buyers in Europe for the annual purchase of 30 billion cubic meters, reads the report of the consortium "Shah-Deniz" (operator - BP) distributed on May 2 in Baku.
Proposals for the sale and supply of gas for its transportation routes will be considered in parallel.
Consortium of two pipelines - Nabucco West and Trans Adriatic Pipeline (TAP) - offered to provide annual transportation to Central and Southern Europe 10 billion cubic meters of Azeri gas per year. Currently, the consortium "Shah-Deniz" completes an assessment of these proposals.
It is expected that a final decision on the pipeline will be made by the end of June 2013. - 12D -
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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