The Norwegian company Statoil has decided to sell its 20% stake in the Trans Adriatic Pipeline (TAP) to the Italian Snam for 208 million euros. This is stated in the message posted on the site Statoil.
The amount of the transaction in addition to the 20% share of Statoil also includes a proportionate part of its loans to the shareholders of the consortium TAP.
The TAP project is designed to transport gas from the second stage of development of Azerbaijani gas from the condensate field Shah Deniz to the EU.
Statoil left the TAP project because piping is not its core activity and the company intends to focus on oil and gas production projects.
The transaction can be considered reasonable for Statoil, taking into account that the construction works have not started yet. Construction of TAP is scheduled to begin in 2016. -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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