A decision on short-term financing of the project Nabucco West with a view to a more detailed study will be adopted by mid-December this year, reporters were told by the president of SOCAR, Rovnag Abdullayev, on the sidelines of an international conference "Azerbaijan 2020: Look to the Future."
On August 9, 2012 Trans Adriatic Pipeline (TAP) and partners to develop offshore gas condensate field "Shah Deniz" signed an agreement on the financing the project prior to the period of selection of the final route for export of Azerbaijani gas to Europe. The agreement provides for the possibility of acquiring partners to develop "Shah Deniz" up to 50% in the TAP project. Designer of the project are: Swiss EGL, Norway's Statoil, Germany's E.ON Ruhrgas.
It was planned to sign the financial agreement with the participants of the project Nabucco West in the end of October. However, representatives of the pipeline consortium asked for time for a more thorough analysis of bids, "Shah Deniz".
Currently, the consortium "Shah Deniz" considering two options for the supply of natural gas from Azerbaijan to Europe - Nabucco West and TAP, in favor of one of them should be determinative. It is expected that a final decision on this matter will be taken up to 30 June, 2013. --12В--
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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