Despite the taken efforts, this year the main exporters of the Shah-Deniz project (BP, SOCAR, Statoil and Total) and the Nabucco-West pipeline consortium failed to sign the financial agreement. At the end of October 2012 representatives of Nabucco Pipeline Company assured journalists in Baku that in early December they will be able to conclude the agreement with Azerbaijan and it will give an impulse to the project development.
As the Nabucco-West consortium's representatives claimed earlier, they failed to "study and work out all required documents" to persuade the main exporters of the Shah-Deniz project of attractiveness of the route.
Now the Nabucco-West partners hope for the changes in the near year. Mikhail Andonov, chief of the Bulgarian energy holding, told the web site Financial that the Nabucco shareholders will have a meeting in Sofia on January 10, 2013. At the meeting the shareholders could approve Azerbaijan's proposal - if the Nabucco-West is chosen as the main route for the Azerbaijani gas deliveries to the European markets, then 50% shares of the pipeline consortium must be handed over to the main exporters of the Shah-Deniz project.
The Nabucco shareholders are Austrian OMV, German RWE, Hungarian MOL, Romanian Transgaz, Bulgarian Bulgargaz and Turkish BOTAS companies.-0-
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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