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—
Economics
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Rice imports to Azerbaijan have soared to unprecedented levels during the January-November 2024 period, reflecting both rising domestic demand and increasing global food prices. Over this period, the country imported 60,400 tons of rice, marking an 18.6% increase in volume and a 35.3% rise in value compared to the same period in 2023.
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Over 17,750 life insurance contracts and 40,661 property insurance contracts were signed through Azerbaijan’s Mortgage and Credit Guarantee Fund (MCGF) between 2022 and 2024, reflecting the growing role of the Fund in strengthening the housing finance and insurance markets. These figures were revealed by Rasim Abdullayev, Director of the Mortgage Lending Department at MCGF, during the seminar "Tools for Supporting Housing Finance and Entrepreneurship."
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The value of paid services provided to the population in Baku reached 6.94 billion manats in the first eleven months of 2024, reflecting a real-term increase of 9.2% compared to the same period in 2023, according to data from the Baku City Statistical Department.
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According to data from the Baku City Statistical Department, the retail trade turnover in Azerbaijan’s capital, Baku, increased by 5% year-on-year from January to November 2024, reaching 31.6 billion manats. This growth reflects the steady recovery of the economy and consumer confidence amid broader market stability.
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