A company Frontera Resources (USA) has revealed natural gas reserves in the amount of 42 billion cubic meters in the Mtzare Heavy deposits (Eastern Georgia.) "It was established that gas reserves in this field total 42 billion cubic meters, which will provide energy independence for Georgia," said on Friday President of the Frontera Resources, Steve Nikandros, at the ceremony of starting deliveries of gas from the field to the gas network of the country; $ 400 million were invested to the project. According to the executive director of Frontera Eastern Georgia, George Zambakhidze, more than 75,000 cubic meters of gas will be produced from the field.
Georgia consumes about 2,000 cubic meters of gas. Almost half of this amount, the country receives from Azerbaijan at a discounted price.
For Russian gas transit Georgia receives 10% of its total deliveries to Armenia.
Gas from Azerbaijan to Georgia comes under two contracts - on the first contract 500 million cubic meters it is received at $189. This is so-called "social gas", intended for the public.
Under the second contract comes commercial gas of 400 million cubic meters, priced at $ 240 per 1,000 cubic meters. -02D-
Economics
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Azerbaijan’s gross domestic product (GDP) reached 126.3 billion manats in 2024, marking an increase of 3 billion manats, or 2.4%, compared to the previous year, according to data released by the State Statistics Committee. In 2023, nominal GDP stood at 123 billion manats.
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The latest data from the State Statistics Committee reveals that as of December 1, 2024, the total number of salaried workers in Azerbaijan stood at 1.775 million, with 884,400 employed in the public sector and 890,900 in the private sector. This figure falls significantly short of the government's ambitious targets set seven years ago, raising concerns about employment opportunities, particularly for the country's burgeoning youth population.
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Azerbaijan's legal and physical entities engaged in trade operations with partners from 176 countries between January and November 2024, exporting goods to 120 nations and importing from 167, according to the State Customs Committee.
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Azerbaijan's retail trade turnover climbed 3.9% in real terms in 2024 compared to the previous year, reaching a total of 62.2 billion manats, the State Statistics Committee revealed. Food, beverages, and tobacco accounted for 34.1 billion manats, while non-food products contributed 28.1 billion manats to the total.
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