Since the end of March 2016 till May 18, 2016 SOCAR has pumped 382,438,000 mcm of gas into the underground gas storages, reported SOCAR.
Considering the volume of gas remained in the underground storage since 2015 and the volume pumped into the gas storages, gas resources in the underground gas storage totaled 1,363,313 cub.m.
SOCAR reported that gas resources in the Galmaz gas storage total 632,631,000 cub.m., in Garadag -730,682,000 cub.m. 134,195,000 cub.m. of gas has been pumped into the Galmaz gas storage and 248,243,000 cub.m. into the Garadag gas storage.
Gas pumping into the gas storages will end in November.
The volume of gas pumping into the underground gas storages gives us reasons to believe that Azerbaijan will have no problems with supplying consumers with gas in autumn and winter period.
* SOCAR has two underground gas storages – Galmaz and Garadag. Galmaz gas storage is located 75 km southeast of Baku and was launched in 1955. Garadag gas storage is located 25 km southeast of Baku and it was launched in 1954.—0—
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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