The Iraqi Kurdistan Minister of Natural Resources, Ashdi Havrami, said the region"s gas resources could be easily used for export to Turkey and Europe.
The Nabucco project is to cost EUR 7.9 billion. The construction is to start in late 2011. The throughput is to be 31 billion m3 per annum. The supplies are to start in 2014.
The gas main will be built in two stages. Stage 1 (2011) will include construction from the Turkish border to Baumgarten, Austria (2,000 km long). Stage 2 (2014-2015) will include construction between Turkey and Georgia and Turkey and Iraq. The construction at Stage 1 will start in Ankara.
Last week Nabucco Pipeline International announced that Iran was no longer considered as supplier of gas to Nabucco. --0--
Economics
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The 12th International Caspian Energy Forum commenced today in Baku, organized by the Caspian Energy Club in collaboration with Enermus, bringing together over 500 delegates from across the Caspian-Black Sea and Baltic regions.
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The World Bank has recommended that Azerbaijan cut subsidies in its water sector to enhance system sustainability and address the escalating issue of water scarcity, Stephanie Stollmeister, Manager of the World Bank Representative Office in Azerbaijan, reported.
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Last week, the Central Bank of Russia raised the interest rate from 18% to 19% annually. The decision to increase the rate was made against the backdrop of rising inflation expectations among the public and businesses.
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Azerbaijan’s Cabinet of Ministers has announced a detailed timeline for the mandatory transition of labor contracts to an electronic document format, in accordance with a decree issued by the President of Azerbaijan on June 28, 2024. The resolution, signed on September 17 by Prime Minister Ali Asadov, outlines phased implementation deadlines for different categories of employers, with the aim of modernizing labor documentation and improving efficiency.
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