Italian gas infrastructure company Snam could take a stake of up to 20 percent in the project to build the Trans Adriatic Pipeline (TAP) that will carry gas from Azerbaijan to Europe, its chief executive Carlo Malacarne said on June 4, 2015, Reuters reported.
CEO Carlo Malacarne said that as gas buyers are signing binding, long-term ship-or-pay contracts for the Azeri gas, the transmission revenue is guaranteed, which opens the way for regulated infrastructure players like Snam to enter the project.
"We are ready to evaluate buying up to 20 percent of the project," Malacarne told Reuters at the Paris World Gas Conference.
TAP's current shareholders are BP (20 percent), the State Oil Company of the Azerbaijan Republic (SOCAR) (20 percent), Norway's Statoil (20 percent), Belgian gas network firm Fluxys (19 percent), Spain's Enagas (16 percent) and Swiss company Axpo (5 percent), reported Reuters.--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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