In 2015 state budget to assign about $1.2 billion to support SOCAR in Southern Gas Corridor project
Next year Azerbaijan will enter an important period – construction of the Southern Gas Corridor will begin (the project includes three gas pipelines – Southern Caucasian gas pipeline, trans-Anadolu (TANAP) and trans-Adriatic (TAP) gas pipelines as well as the Shah Deniz-2 project implementation).
SOCAR takes an active part in all the projects and TANAP is the operator in one. The state has committed itself to support financially the national company. Next year the state budget plans the expenses, which will be spent for these projects.
According to the draft of state budget for 2015, 928 million AZN is planned to be assigned from the state budget for this purpose ($1,183,000,000 at the current rate).---0---
Economics
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Azerbaijan is poised to increase wheat imports for the 2024-2025 season following a significant drop in domestic wheat production this year. According to data from the State Statistics Committee, the country harvested 1.68 million tons of wheat in 2024, marking an 8.1% decline from the previous year. This downturn in output, combined with rising import volumes in recent months, indicates that Azerbaijan may lean more heavily on foreign suppliers to meet its wheat needs.
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Azerbaijan Railways CJSC (ADY) has announced the restructuring of its container transportation management in an effort to enhance the efficiency of transit cargo transportation. As part of this reorganization, ADY Express will merge with ADY Container starting on November 1, 2024. The consolidation is aimed at expanding the range of services offered in both container and carriage transportation.
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Azerbaijan has introduced a legal framework enabling the electronic state registration of legal entities with foreign investments, regardless of whether their founders are individuals or legal entities, according to the State Tax Service. The announcement was made by Samira Musayeva, Deputy Head of the State Tax Service, during a meeting of the "Entering Business" Working Group.
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The World Bank aims to deepen its involvement in Azerbaijan's economic development through a new partnership framework program, according to discussions between Azerbaijani officials and World Bank representatives. The proposed framework, which will cover the years 2025-2029, is designed to support the country’s transition to an innovative and less resource-dependent economy.
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