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 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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