At the session of the Azerbaijani-Italian intergovernmental legal commission on economic cooperation, which will be held in Rome on June 13, Claudio De Vincenti, State Secretary of the Council of Ministers of Italy, will make a report about the project of construction of the Trans Adriatic gas pipeline (TAP), reported Ministry of Energy of Azerbaijan.
Energy Minister Natig Aliyev and Giampaolo Cutillo, Italian Ambassador to Azerbaijan, discussed preparation to the session of the Commission yesterday.
The previous session of the Azerbaijani-Italian Commission on Economic Cooperation took place in Baku on December 16, 2013.
According to the Italian Statistic Institute, during 2015 trade turnover between the two countries totaled 2,842,100,000 Euro.
Economic cooperation between Azerbaijan and Italy is based on the energy cooperation. Azerbaijan is the second oil exporter to Italy. 20% of total oil consumption in Italy falls on Azerbaijani oil.—0—
Economics
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As 2024 comes to a close, Azerbaijan finds itself at a crossroads—holding a prominent position in certain sectors of the global economy but still grappling with issues that hinder broader socioeconomic development. From energy exports to logistics corridors, the country has carved out a niche, yet cracks in its socioeconomic fabric are becoming harder to ignore. Let’s delve into the numbers and listen to expert opinions on Azerbaijan's global standing.
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Azerbaijan began the new year with significant hikes in gas, electricity, water, and medication tariffs, sparking widespread concern among citizens over the financial burden on households. While officials defend the measures as necessary for economic sustainability, critics warn of challenges tied to stagnant wages and pensions.
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As of January 1, Europe has ceased contract-based transit of Russian gas through Ukraine. Kyiv announced it would not renew agreements to traffic gas from the "aggressor nation" through its territory. The decision marks a pivotal moment in Europe’s efforts to reduce reliance on Russian energy, a dependency that supplied nearly 50% of the continent’s gas imports before the war in Ukraine.
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Azerbaijan's Tariff Council has approved a decision to regulate the maximum wholesale and retail prices of registered medicines, with the new pricing caps coming into effect on January 2, 2025.
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