The financial agreement on the trans-Adriatic gas pipeline (TAP) will be signed today as a part of the ceremony to authorize the Shah-Deniz-2 project.
A source from SOCAR told Turan that in August 2012 three Shah-Deniz partners (SOCAR, BP and Total) signed the initial financial agreement with the TAP shareholders that if the consortium chooses the pipeline as the route to deliver Azerbaijani gas to Europe, then in the future they will have to assign 50% of their shares in the pipeline to the Shah-Deniz shareholders. On June 28, 2013 the consortium made a choice in favor of TAP. Soon TAP made a juridical decision to assign 50% shares to the Shah-Deniz shareholders.
By signing the financial agreement SOCAR, BP and Total will commit themselves to fund their shares in TAP. The companies own 20%, 20% and 10% shares, respectively, in the TAP project.—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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