As there is a big gap in price and reliability of deliveries between the countries in the middle of Europe and those on the outlying provinces of Europe, it is necessary to find the ways to connect the Caspian region with the European Union, Elshad Nasirov, Vice President of State Oil Company of Azerbaijan (SOCAR) for Investments and Marketing, said at the meeting with the members of the American Chamber of Commerce in Azerbaijan (AmCham).
“This is a challenging, if not the most challenging task in the world,” Nasirov said.
He said: “A lot can be said about the Southern Gas Corridor and we need to think what this corridor means for Europe and the world market. The European Union needs a higher level of security and energy safety cannot be separated from the national security of any country. It becomes obvious that energy is equal to a national security of any country,” he added.
* At the end of February 2014 SOCAR joined a big family AmCham in Azerbaijan, which includes over 270 members.—0—
Economics
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By the end of 2024, inflation in Azerbaijan is projected at 5.1%, increasing to 5.8% in 2025, as per the Central Bank's announcement. Just six months ago, in April, the bank had forecasted inflation at 3.5% for 2024 and 4.2% for 2025.
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The Cabinet of Ministers of Azerbaijan has approved the charter of the "Tourism and Recreation Zones Management and Development Center," a public legal entity under the State Tourism Agency. The decision, made on November 4, is intended to fulfill the requirements outlined in the presidential decree from August 2, 2024.
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A new desalination plant to produce drinking water is set to be built in Sumgait, Azerbaijan, as part of a project aimed at meeting increasing water demands in Baku and the Absheron Peninsula. The project was announced on November 5 during a bid-opening ceremony for proposals submitted in a tender for the plant’s development, according to the Turan news agency.
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Heydar Aliyev International Airport (GYD) has solidified its role as a critical transit hub for Azerbaijan, connecting Baku to over 80 international destinations across more than 30 countries. With routes linking major European cities like London, Paris, and Rome, as well as strategic points in the Middle East, Central, and South Asia, the airport has become central to Azerbaijan’s tourism and transit expansion.
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