IRAQ AND NOT IRAN TO SUPPLY GAS FOR NABUCCO
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--
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- Telecomnews
- 30 August 2010 05:56
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- Economics
- 30 August 2010 12:59
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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