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 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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