Since 2015 Turkey not to pay for Azerbaijani gas in advance
Since next year Turkey will stop gas import from Azerbaijan and Iran on the “pay and take” principle, Turkish NTV channel quoted Turkish Minister of Energy and Natural Resources Taner Yildiz as saying.
“This means that we no longer have to pay for the non-purchased gas. Advance payment is money of our citizens and we should be aware of that. I am sure we will settle that,” Yildiz added.
Turkey has already stopped import of Russian gas on the “pay and take” principle. Turkey buys 1000 cub.m. of Iranian gas for $490 and 1000 cub.m. of Azerbaijani gas transported via the Southern Caucasian pipeline for $335 and $425 for 1000 cub.m. of Russian gas.
A source from State Oil Company of Azerbaijan (SOCAR) told private ANS TV channel that in this case Turkey will have to pay more for the imported gas, because the supplier’s risks will grow. “The production company should know the volume of gas the buyer is going to purchase six months ahead and make investments on the basis of this volume. It is impossible to extract oil or gas during a short period and deliver it to the supplier,” explained SOCAR’s representative.—0—
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- Politics
- 22 October 2014 13:22
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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