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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According to data released by the State Statistics Committee, Azerbaijan’s agricultural sector achieved slight production growth in the first eight months of 2024. The total volume of agricultural production reached 8.723 billion manats, which is 0.8% higher than during the same period last year. However, this growth occurs against a backdrop of increasing food imports, despite significant government subsidies aimed at supporting domestic agriculture.
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Azerbaijan has unveiled strong fiscal indicators for the first eight months of the current year, reporting a state budget surplus that underscores the country’s economic resilience amidst global uncertainties. According to operational data released by the Ministry of Finance, state budget revenues from January to August 2024 reached 25 billion 223.4 million manats, while expenditures amounted to 22 billion 362.4 million manats.
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Azerbaijan has made significant progress in diversifying its energy balance, with renewable sources playing an increasingly important role in the country's electricity production. Operational data for January-August 2024 show that total electricity generation reached 19,235.4 million kilowatt-hours (kWh), marking a noticeable shift towards greener energy.
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Bilateral relations between Azerbaijan and Russia are accelerating, particularly in the agricultural sector, as Deputy Prime Minister Shahin Mustafayev and Russia’s Minister of Agriculture Oksana Lut underscored during their high-level meeting on September 13 in Baku.
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