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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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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