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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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
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Azerbaijani President Ilham Aliyev hosted Georgian Prime Minister Irakli Kobakhidze on Friday for high-level talks aimed at further developing the strategic partnership between the two neighboring countries in the South Caucasus.
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