The understanding on creating a JV on the project was signed in Tbilisi on May 12. The sides signed a memorandum on LNG supplies yesterday.
The Hungarian Prime Minister and the EU delegation will attend the summit.
The project stipulates LNG supplies from Azerbaijan to Romania via Georgia. LNG terminals will be built on the Georgian Black Sea coast and in Constance, Romania. The project will cost EUR 4-6 billion. The gas will be partly exported from Romania to other European countries. Georgia"s Energy Minister, Alexander Khetagouri, said AGRI would not be an alternative to Nabucco and would just diversify the gas supplies to Europe, increasing Europe"s energy security.
Azerbaijan has been developing the Shah Deniz field with 1.2 trillion m3 of gas since December 2006. It also implements several international gas contracts.-14N--
Economics
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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
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