On Wednesday Georgian Minister of Energy Kakha Kaladze and Anzor Kvarazkheliya, Director of Kura Energy company, signed the memorandum of understanding to build 16 new hydraulic power stations.
The memorandum envisages work on the feasibility study of the projects. The company must complete the studies within 27 months. Afterwards the technical data of the stations will be specified and the investors will start preparations for the construction works.
Total capacity of the new hydraulic power stations envisaged by the memorandum will be 331.6 Mwt and annual generation – 1,815 billion KWh.
Approximately $600 million will be invested into the project. 4500 jobs will be placed during construction and 400 permanent jobs will be created as soon as the power stations are put into operation. The stations will be located along the Kura river bed.—0—
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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