Development of Azerbaijani gas condensate Shah-Deniz field is among the most important BP projects in Eurasia, said Greg Sonders, BP Director for Foreign Affairs, at the international conference organized by the Jamestown Foundation in Washington on December 17, 2012.
Voice of America quoted Sonders as saying that the Baku-Tbilisi-Erzurum gas pipeline (South Caucasian Pipeline) is the most advanced engineering project in the world and added that this project will open the window for the Caspian gas delivery to Europe.
Sonders also added development of the Shah-Deniz field will contribute to strengthening of energy safety and strategic interests between EU and USA as demand in natural gas is forecasted to increase multiple times.
The contract for development of Shah-Deniz offshore field was signed on June 4, 1996. The partners of the agreement are BP (operator) -25.5%, Statoil - 25.5%, NICO - 10%, Total - 10%, LUKoil - 10%, TPAO - 9% and SOCAR - 10%.
The length of the South Caucasian gas pipeline is 680 km. Gas extracted on Shah-Deniz field is transported via this gas pipeline to Georgia and Turkey. Azerbaijan is also a gas buyer.-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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