Greek parliament has ratified the host government agreement (HGA) signed between the trans-Adriatic pipeline (TAP) and the Greek government, which acts as the host, reads the statement of TAP released on December 3, 2013.
According to the statement, the HGA was signed by the sides in June 2013.
The agreement regulates the norms of the project implementation and operation on the territory of Greece.
TAP will transport gas from the Caspian region to the south of Italy and to the Western Europe through Greece, Albania and Adriatic Sea.
Gas, which will be extracted within the Shah-Deniz Phase-2 project in Azerbaijan, is considered as the main source of resources for the project.
The initial capacity of TAP will be 10 billion cub.m. a year with the possibility of expanding up to 20 billion cub.m. a year.
TAP shareholders are BP (20%), SOCAR (20%), Statoil (20%), Fluxys (16%), Total (10%), E.ON (9%) and Axpo (5%).
TAP construction is expected to begin in 2015.—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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