TANAP implemented ahead of schedule, says SOCAR President
Funding of the trans-Anadolu gas pipeline project (TANAP) is carried out at a normal pace, SOCAR President Rovnag Abdullayev told journalists.
He said SOCAR’s project partners – BOTAS and BP – have already started funding of their own share.
“TANAP is even implemented ahead of schedule. In the second half of 2018 Azerbaijani gas will reach Turkey,” said Abdullayev.
TANAP envisages gas transportation from the Azerbaijani Shah Deniz field from the Georgian-Turkish border to the western Turkish border. The initial capacity of the TANAP pipeline is expected to be 16 billion cub.m. of gas a year. About 6 billion cub.m. will be delivered to Turkey and the remaining volume to Europe.—0—
-
- Economics
- 29 April 2015 12:42
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review