The consortium developing gas condensate field Shah-Deniz and the Azerbaijani gas buyers in Europe are going to sign the contracts for purchase-sale of gas on September 19, 2013, President of State Oil Company of Azerbaijan (SOCAR) Rovnag Abdullayev told journalists.
"The ceremony of signing of the contracts for purchase of Azerbaijani gas from the Shah-Deniz Phase 2 will take place in Baku," Abdullayev said.
According to the current schedule, the first gas within the Shah-Deniz-2 project must be received at the end of 2018. Its export to the European consumers is scheduled for 2019. Azerbaijani gas will be transported to Europe via the trans-Adriatic pipeline (TAP), which was selected by the Shah-Deniz consortium as the route to transport its gas to the European markets on June 28, 2013.
The initial capacity of TAP will be 10 billion cub.m. a year with the possibility of its expansion up to 20 billion cub.m. a year.-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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