Tengizchevroil, which has been developing a big oil and gas field in Atyrau, could attract $11 billion by placing international bonds to fund the project of the future expanding, which has been recently coordinated by the government, reported Bloomberg agency quoting Daniyar Berlibayev, deputy chairman of Board of KazMunaiGas (KMG) national holding.
Kurmangazy Iskaziyev, another deputy chairman of Board of KMG, said that the project for expanding production on Tengiz will take five years and total volume of investments will reach $23 billion, which will allow increasing production by 46% up to 38 million tons of oil a year.
“We believe that the remaining investments of $12 billion could be attracted at the expense of the operation money flows of the company, which envisages reduction of dividend payment to the Tengizchevroil shareholders during the project implementation. We expect that from 2014 to 2019 annual payment of dividends by KMG could drop by $0.4 billion to $1.2 billion. KMG will have to compensate reduction at the expense of other sources of funding to continue implementation of its program of assets development,” analysts of Halyk Finance commented on this information.—0--
Economics
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Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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